Ajanta Pharma’s stock, which depreciated after marking a record high of ₹2,531.95 in May, has now formed a good base at ₹2,200. The price action indicates good buying around these levels and the broader trend is bullish. Therefore, the likelihood of a rally in the forthcoming sessions is high. In the short term, Ajanta Pharma’s price can rise to ₹2,500. But there might be a minor correction, possibly to ₹2,200, before the next upswing. Therefore, participants can buy the stock of Ajanta Pharma at ₹2,290 and accumulate if the price dips to ₹2,210. Place stop-loss at ₹2,150. When the stock touches ₹2,400, revise the stop-loss to ₹2,300. Tighten the stop-loss further to ₹2,380 when the price hits ₹2,450. Liquidate the longs at ₹2,500.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.