|Sell Range||370 – 360|
|Target||340 – 335|
|Duration||12 – 15 Trading Days|
|Potential Return^||5 – 7%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|359.65||SELL||370 – 360||340 – 335||378||12 – 15 Trading Days||5 – 7%|
# CP – closing price on Dec 11, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 350.
^ The returns are calculated based on CP#
Strides Pharma Science develops, manufactures and sells pharmaceutical products in Europe, Asia, Australia, North America, India and internationally. The company produces an extensive range of pharma generics includes tablets, capsules, soft gelatin capsules, parenteral, semi-solids, ointments, creams under the popular brand name JointFlex, Vanquish and Pediacare. The company has a global manufacturing footprint with eight production units spread across three continents. The drug maker’s revenue rose 37.62 per cent to Rs 715.09 crore on a yearly basis.
|Sectoral Index||Nifty Pharma|
TECHNICAL OBSERVATIONS (WEEKLY)
- Looking at the weekly chart, the stock has seen a spectacular fall from the high of around 1100 (July 2017), and it seems that it could continue with its ongoing move.
- Last four weeks earlier, the stock had made a false breakout, when price temporarily moves above the resistance level, but then later retrace back to the same side as it started.
TECHNICAL OBSERVATIONS (DAILY)
- The stock is moving in a strong downtrend by making lower highs as well as lower lows on the daily chart.
- Strides Pharma has extended its northward journey post a crucial trend-line break-out.
- Last few days the stock is trading below 10 days and 20 days Exponential Moving Average (EMA) which indicates selling momentum and showing confidence in my bearish view.