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Sell Ajanta Pharma, target Rs 952: Dinesh Rohira

The momentum indicator continued to outline weak trend with weekly RSI at 39 levels while MACD trades below its Signal-Line.

February 04, 2019 / 02:06 PM IST
Aurobindo Pharma Ltd.

Aurobindo Pharma Ltd.

 
 
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Dinesh Rohira

Ajanta Pharma continued to consolidate on weekly time frame from a higher price band of Rs 1192 odd levels towards a low of Rs 976 levels which is just a few points away from its 52-week low.

It came under massive selling pressure in the last six trading sessions to close below its crucial support of 200-days moving average placed at Rs 1,142 odd levels.

It currently trades below all the moving average level. The scrip formed a long bearish candlestick pattern on both weekly as well as daily price chart which indicates persistent selling pressure.

The momentum indicator continued to outline weak trend with weekly RSI at 39 levels while MACD trades below its Signal-Line. We have a sell recommendation for Ajanta Pharma which is currently trading at Rs 982.80.

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Disclaimer: The author is CEO and Founder at 5nance.com. The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol Contributor
first published: Feb 4, 2019 02:06 pm

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