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Aurobindo Pharma’s stock is on a long-term uptrend. But it has been charting a sideways trend over the past month. That is, it has been oscillating between ₹1,000 and ₹1,060. On Thursday, the stock broke out of range, which opened the room for further rally. In particular, we expect the stock to see a good intraday rally on Friday and end the week on a high. It is likely to touch ₹1,120 on Friday. But there could be a minor intraday decline. So, we recommend buying Aurobindo Pharma shares at the current level of ₹1,092. Accumulate in case the price dips to ₹1,070. Place the stop-loss at ₹1,055. Raise the stop-loss to ₹1,095 when the stock hits ₹1,110. Liquidate the longs at ₹1,120.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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