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