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The short-term outlook for the stock of Aurobindo Pharma is bearish. The stock has declined 3.3 per cent on Tuesday. It has been falling consistently over the last four trading days. The 21-Day Moving Average (DMA) at ₹541 can be a good resistance. Immediate support is at ₹512.
A bounce from this support if seen can be restricted to ₹541 – the 21-DMA. An eventual break below ₹512 can drag down to ₹585-₹580 in the next two-three weeks. Traders can go short at current levels. Accumulate shorts at ₹535. Keep the stop-loss at ₹548. Trail the stop-loss down to ₹519 as soon as the stock falls to ₹514. Move the stop-loss further down to ₹509 as soon as the stock touches ₹501 on the downside. Book profits at ₹490.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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