– The PHARMA seems to be in a different orbit altogether since the last 12 months. Mostly all counters from this space have completely compensated for the underperformance as well as boredom they had given for the previous five years. Now, stocks are in a hurry as the recent brief period of time as well as price correction got bought into. STRIDES PHARMA
failed to participate in last few days’ rally; but on Friday, we finally witnessed a decisive price and volume breakout from the recent congestion zone. We recommend going long around 912 – 907 for a target of Rs 992 in coming days. The strict stop loss can be placed at Rs 872.
– Generally we do not associate this counter with the term ‘Sell’ or ‘Bearish’; because of its phenomenal run since the previous March lows. The stock price have given three-fold returns since then without even seeing a small phase of price correction. Although the higher degree trend remains strongly bullish, we are now seeing some signs of decent short
term correction in the stock. On the daily chart, we can see prices falling convincingly below ’20-EMA’ along with the bearish crossover of short term averages for the first time in last few months. We recommend selling on a small bounce for a target of Rs 1,270. The strict stop-loss can be placed at Rs 1,402.
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