Sharing a fresh daily chart setup for Ajanta Pharma. The price has recently pulled back toward the ₹3,020 structure level after a sharp upward move. This level lies near the ₹3,016–₹2,947 demand/support zone, which may attract buyers if the support area continues to hold.
Trade Plan
Entry Zone:
₹3,020 – ₹3,030 (on sustained hold or bullish reaction from the demand zone).
Stop Loss:
₹2,947.15 (below the key support / invalidation level).
Primary Targets:
₹3,253.10 (near-term resistance level)
₹3,480.35 (major resistance / structure level)
₹3,594.85 – ₹3,598.45 (upper resistance / extended target zone)
Chart Observations
• Price is currently retesting a strong demand/support zone around ₹3,016–₹2,947.
• The ₹3,020 level previously acted as a breakout area and may now function as support if buyers defend it.
• The ₹3,253.10 level represents the next key resistance where price may encounter selling pressure.
• If bullish momentum resumes above this level, the chart indicates potential upside toward ₹3,480.35, followed by the ₹3,595–₹3,598 resistance zone.
Notes
• This setup is based on price action with clearly defined support and resistance levels to structure a favorable risk-to-reward trade.
• The invalidation level at ₹2,947.15 clearly defines downside risk if the demand zone fails.
• Traders may consider partial profit booking near ₹3,253.10 and trail positions toward higher resistance levels.
Disclaimer
This idea is for educational purposes only and not financial or investment advice. Markets are volatile and conditions can change quickly. Always conduct your own analysis and apply proper risk management before taking any trades.
Trade Plan
Entry Zone:
₹3,020 – ₹3,030 (on sustained hold or bullish reaction from the demand zone).
Stop Loss:
₹2,947.15 (below the key support / invalidation level).
Primary Targets:
₹3,253.10 (near-term resistance level)
₹3,480.35 (major resistance / structure level)
₹3,594.85 – ₹3,598.45 (upper resistance / extended target zone)
Chart Observations
• Price is currently retesting a strong demand/support zone around ₹3,016–₹2,947.
• The ₹3,020 level previously acted as a breakout area and may now function as support if buyers defend it.
• The ₹3,253.10 level represents the next key resistance where price may encounter selling pressure.
• If bullish momentum resumes above this level, the chart indicates potential upside toward ₹3,480.35, followed by the ₹3,595–₹3,598 resistance zone.
Notes
• This setup is based on price action with clearly defined support and resistance levels to structure a favorable risk-to-reward trade.
• The invalidation level at ₹2,947.15 clearly defines downside risk if the demand zone fails.
• Traders may consider partial profit booking near ₹3,253.10 and trail positions toward higher resistance levels.
Disclaimer
This idea is for educational purposes only and not financial or investment advice. Markets are volatile and conditions can change quickly. Always conduct your own analysis and apply proper risk management before taking any trades.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.