AUROPHARMA
Pharma Sector is in focus due to obvious reasons and considering the environment I feel it can be a safe sector to invest. However, the recent deal blow to Auropharma may bring some wild swings on price. It may see some support at or around 360-365 levels as per 5min as well as hourly HA charts.
Long/Buying
If price is sustaining above 400.25 on 5min as well as hourly charts, then taking long position on the stock can be considered for targets:
1. 410.05;
2. 422.65;
3. 432.75; and
4. 441.95.
Short/Selling
If price is sustaining below 360.75 on 5min as well as hourly charts, then shorts on the stock can be considered for targets:
1. 353.25;
2. 344.65;
3. 337.75; and
4. 324.95.
p.s. –. Trading in current markets is very risky due to uncertainty and volatility in the market but will trade as per my given levels only. Please trade as per your comfort and risk. These levels have derived by analyzing Options data and spot price movement.