-- price has sustained above 50 DMA during the market correction. Stage breakout.
-- high Del%
-- RS consolidation breakout. At RS support line.
-- Big company when moves with momentum it usually sustains the same -> stay invested.
- One of the cheapest Pharma stock (PE 10)
- Zero Debt. Clean Balance Sheet. Good cash reserves.
- Well known Promoter family.
- OrbiMed backing
- Limited downside from these levels.
- At fib 0.5
- Pharma Index on the recovery path
- channel support
Take your own risk. Disclaimer: invested.
Top Down trading strategy
- IT index at RS support.
- Go Long in select IT stocks which are having similar structure to the IT index.
notable IT stocks to initiate positions now:
- This is a volatile hospital stock - fundamentally great.
- Had booked some decent profits in this trade last week, had exit as the volume was high at previous channel resistance
- Re-entering as there is a channel breakout, ATH breakout.
- Risk = 5.4%