Buy Aurobindo Pharma, target Rs 900

The stock can be bought at the current level and on dips to Rs 780 with a stop loss below Rs 755 for a target of Rs 900, says Ashish Chaturmohta of Sanctum Wealth Management.

Aurobindo Pharma hit an all-time high of Rs 895 in the month of October 2016 and then declined to Rs 500 from where it rallied back to Rs 809. After hitting a high of Rs 809 in November last year, it again tested its previous low and has seen rally from a low of Rs 527. In the process, the stock has formed a bullish W-shaped bottoming pattern on the weekly chart.

For the last couple of months, the stock has been trading in sideways range consolidating it gains below breakout level suggesting breakout on the upside. MACD line has given positive crossover with its average on the weekly chart. Relative strength index and Stochastic have given positive crossover with their respective averages on the daily chart.

Thus, stock can be bought at the current level and on dips to Rs 780 with a stop loss below Rs 755 for a target of Rs 900.

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