It may bounce from 895-900 support. It has formed a spin bar when the stock is in downtrend and may reverse even without hitting the support
"Go Long If PDH broke (942) Else watch for a bounce from the support at 895
Short If Support breaks at 895"
Ajanta Pharma has been in a medium term downtrend, which is expected to continue. In Short Term, it is making a triangle, with support around 1128, Target could be 1171/1195/1292 with SL 1125
Ajanta Pharma has been in a medium term downtrend, which is expected to continue. In Short Term, it is making a traingle, with support around 1128, Target could be 1171/1195/1292 with SL 1125
Ajanta Pharm a good short candidate for immediate target of 55 pts. The next support below is the next S/R flip zone, breaking below that would take it down further.
DISCLAIMER : FOR STUDY PURPOSE, NOT FOR TRADING.
This stock is at a very crucial level. Having already formed a major Head & Shoulders pattern, stock may again form an internal H&S if it retraces from here and we may see great falls. However this is just a possibility and if it manages to cross 1175 on closing with volume, stock may give upside move towards 1300. Stay alert and pick the right side!
