Vinay Rajani
Aurobindo Pharma has broken down from the long-term upward sloping trend line. The price has been forming the lower top and lower bottom formation on the weekly chart.
The stock has been trading below the short-term and long-term moving averages. Volumes have been rising along with the price fall.
Oscillators have been showing weakness on the daily as well as weekly charts. Bearish rounding top formation is witnessed on the weekly charts.
We recommend selling Aurobindo Pharma for the downside target of Rs 485 with a stop loss placed at Rs 570.
Disclaimer: The author is Technical Analyst, PCG Desk, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment
decisions.
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