|Sell Range||810 – 790|
|Target||730 – 710|
|Duration||20 – 25 Trading Sessions|
|Potential Return^||9 – 11%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|799.3||SELL||810 – 790||730 – 710||740||20 – 25 Trading Sessions||9 – 11%|
# CMP on May 02, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 765.
^ 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, Gastroenterologicals, 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 Q3FY19, the company has reported Profit After Tax at Rs 709.64 crore vs Rs 594.75 crore YOY. The consolidated revenue rose at Rs 5,270 crore as against 4336 crore the year-ago period.
|Sectoral Index||Nifty Pharma|
TECHNICAL OBSERVATIONS (WEEKLY)
- The stock price has been moving in a larger sideways range in the last few months and is showing a lack of strength to sustain any directional move during this period.
- In this rangebound move as the price has placed near the upper end of a sideways range, we expect that price will fall further.
- Attached weekly timeframe chart of Aurobindo Pharma Ltd is signalling that the stock price was making an attempt of a false upside breakout in last week.
TECHNICAL OBSERVATIONS (DAILY)
- A Bearish Harami was found in the last 2 days indicates bullish trend may be reversing and it may be good time to enter into a short position.
- Price is now closed below the bearish harami pattern, which confirms the validity of the same.