AJANTA PHARMA

I am hold­ing shares of Ajanta Pharma at Rs 1180. What should I do, hold or exit? - Satish Mamidi

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HOLD AJANTA PHARMA WITH A STOP LOSS OF RS 1090

Ajanta Pharma is cur­rently trad­ing at Rs 1141. Its 52-week high/low stand at Rs 2150/Rs 1106 made on Oc­to­ber 28, 2016 and Au­gust 22, 2017, re­spec­tively, de­pict­ing con­tin­u­ous neg­a­tive trend since then in the stock. Con­sid­er­ing the daily time frame, af­ter a sharp fall, the stock has been trad­ing in a range of Rs 1250-1170. The stock has re­cently given a break­down and hence may wit­ness fur­ther down­side. In­creas­ing vol­umes since last three ses­sions and the turn­around in RSI sug­gests fur­ther down­side. The stock holds cru­cial sup­port at Rs 1106, fol­lowed by Rs 1090, and hence, we sug­gest you to hold the stock for now and exit if stock breaches Rs 1090 on clos­ing ba­sis.

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