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.)