Stock Analysis Report: Aurobindo Pharma Ltd.
Overview:
The chart presents a technical analysis of Aurobindo Pharma Ltd. on a daily timeframe. The stock shows a recovery pattern with a visible RSI divergence, indicating a potential bullish reversal.
Key Observations:
1.RSI Divergence:
2.Critical Support Levels:
3.Potential Resistance Zones:
4.Buying Strategy:
5.Volume Analysis:
Conclusion:
Aurobindo Pharma shows signs of a potential bullish reversal. Traders should closely observe the ₹1,273.35 support level and enter only upon confirmation. Targets are placed at ₹1,310.80, ₹1,346.60, and beyond. Implement proper risk management to account for potential volatility.
The chart presents a technical analysis of Aurobindo Pharma Ltd. on a daily timeframe. The stock shows a recovery pattern with a visible RSI divergence, indicating a potential bullish reversal.
Key Observations:
1.RSI Divergence:
- A bullish divergence is identified as the price made lower lows while the RSI formed higher lows, signaling waning bearish momentum and the likelihood of an upward move.
2.Critical Support Levels:
- Immediate support is marked at ₹1,273.35, corresponding to the 200-day moving average.
- A strong base exists at ₹1,199.40 and ₹1,101.55, which acted as previous demand zones.
3.Potential Resistance Zones:
- Initial resistance levels are observed at ₹1,310.80 and ₹1,346.60.
- Major resistance is seen at ₹1,403.25 and ₹1,450.35, where the stock could face selling pressure.
4.Buying Strategy:
- Enter long positions only if the price stabilizes above ₹1,273.35, confirming support.
- Watch for a breakout above ₹1,310.80 for momentum trades targeting higher resistance levels.
5.Volume Analysis:
- Increased volume on recent upward moves supports the bullish sentiment.
- Monitor volume patterns for confirmation of breakouts or trend reversals.
Conclusion:
Aurobindo Pharma shows signs of a potential bullish reversal. Traders should closely observe the ₹1,273.35 support level and enter only upon confirmation. Targets are placed at ₹1,310.80, ₹1,346.60, and beyond. Implement proper risk management to account for potential volatility.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.