Trade Idea of The Day - Aurobindo Pharma Ltd Target Rs. 12 - Religare Broking Ltd
Aurobindo Pharma Ltd
BUY 30 JUN 1460 CALL SELL 30 JUN 1560 CALL Entry Range 22 – 24 Target 12 Stop Loss 60
Rationale
1. AUROPHARMA continues to exhibit a strong bullish structure on the weekly chart, forming a series of higher highs and higher lows. The stock remains comfortably above its short term moving average of 10-WEMA and 20-WEMA levels, highlighting sustained buying interest and a positive medium-term trend.
2. Recent price action indicates a healthy consolidation after a sharp uptrend, suggesting profit booking rather than trend reversal. Holding above 1400 support zone reflects underlying strength and reinforces the bullish continuation setup.
3. Momentum indicators remain supportive, with RSI holding above the 60 mark, indicating strong bullish momentum. Meanwhile, MACD histogram remains in positive territory, supporting the prevailing upward bias.
4. Going forward, a sustained move above 1500 could trigger fresh buying momentum and open the path towards 1560- 1600 levels. As long as the stock maintains support near 1400, the broader outlook remains positive with a buy on dip.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
