|Buy Range||755 – 780|
|Target||816 – 826|
|Duration||12 – 15 Trading Sessions|
|Potential Return^||5 – 6%|
|CMP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|776.95||BUY||755 – 780||816 – 826||730||12 – 15 Trading Sessions||5 – 6%|
# CMP on Jan 10, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 796.
^ The returns are calculated based on CMP#
Incorporated in 26th December 1986, this generic drug manufacturing company is developing, manufacturing and marketing 7 major product areas encompassing Antibiotics, Anti-Retro Virals, CVS, CNS, Gastroenterological, Anti-Allergics and Anti-Diabetics. The vast majority of the company’s sales are generated in India, followed by the United States and globally in over 150 countries. In Q2FY19, the company has reported Profit After Tax at Rs 611.20 crore vs Rs 779.84 crore YOY. The consolidated revenue rose at Rs 4,751.40 crore as against 4,435.89 crore the year-ago period.
TECHNICAL OBSERVATIONS (WEEKLY)
- The stock price has been moving in a sideways range in the last four months.
- In this rangebound move as the price has placed near the lower end of a sideways range, we expect that price will start rising.
- The stock has formed Bullish Engulfing candlestick near the bottom which is a bullish reversal formation.
TECHNICAL OBSERVATIONS (DAILY)
- Last two days ago, the stock broke out of the immediate resistance on the back of huge volumes. This healthy breakout confirming the bullishness.
- Last 3 days, the stock is forming Three White Soldiers which is a bullish continuation pattern.
- Recent price is closing above the Upper Bollinger Band.