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Nifty & Bank Spot – Pivot Levels 

Fredun Pharmaceuticals Ltd – Technical Stock Call

Sector:  Healthcare – Pharmaceuticals (INE194R01017)

About: Fredun Pharmaceuticals Ltd. is a diversified pharmaceutical and healthcare company engaged in manufacturing generic medicines, nutraceuticals, cosmeceuticals and animal healthcare products. Established in 1987 and headquartered in Mumbai, the company exports to 50+ countries with a portfolio of over 1,200 registered pharmaceutical products.

View – Medium Term Bullish

The stock commenced its downtrend from 1525.9 (SEP 26).

Stock started trading below the averages & forming lower tops gradually reached a low of 1195.2 (SEP 26).

In the month of SEP 26, Buying emerged at lower levels & the stock commenced its up move rallied upwards marking a high of 1410, but faced resistance in that area & entered into a consolidation zone trading around the short term averages.

Recently, after forming higher bottoms, the stock has given a Symmetrical Triangle Breakout on the daily chart supported by volume reaching to a high of 1399 (SEP 26), which is higher than the previous day’s high.

 Willaims %R & Advance/Decline indicators suggest Positive crossover.

Target of 1770 is expected with lower support levels at (1345-1312)-1288-(1265-1232) in case of intermediate fall.

A stop loss at 1195 is to be followed for the trade.

All the calls/opinions are subject to Disclosures and Disclaimer http://goo.gl/8bCMyQ

SMS subject to  Disclosures and Disclaimer goo.gl/8bCMyQ

SEBI Registration No.: INH000001634