See lower levels in Aurobindo Pharmaceuticals: Sukhani

Aurobindo Pharmaceuticals has done all the wrong things on the charts, made a rounding top, a bearish head and  shoulder, breaking down from support levels and giving a message that a much deeper correction is still coming in,  says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "One of the pities of this market is that the midcap blue-chips have cracked out. Aurobindo  Pharmaceuticals was in an uptrend. First it made a bearish head and shoulder, we said, okay, let us go and sell it.  Those targets are being met but while the targets on the downside are being met, a new bearish pattern has emerged,  new lows have been made on the way down, which is not good news.”

He further added, “It has done all the wrong things on the charts, made a rounding top, a bearish head and shoulder,  breaking down from support levels and giving a message that a much deeper correction, it is deep already, is still  coming in.”