* On a weekly chart, the stock has bounce back after taking support at its Upward Rising Trend line & has formed Bullish Harami Candle which suggests a bounce back move & the stock could accelerate its upside movement.
* On an hourly chart, the stock has given a breakout of its “Broadening Falling Wedge Pattern” with increase in volume activity which indicates that the stock could accelerate its upward movement.
* Moreover, the stock has been trading above its 21 as well as 50-Hourly Moving Averages which suggest a positive momentum in the stock.
* A daily momentum indicator RSI reading is at 58.78 level with a positive crossover as well as it has given breakout of rising trend line which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting an upside move in the counter in few trading sessions
Buy Aurobindo Pharmas Ltd @ 604.50-607.50 Stoploss 582 Target 653
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