Ajanta Pharma - Is one stock which has been continually rising from last six years it has risen from Rs.10 in 2009 to around Rs.1700/- levels, a rise of 170x we now see whether the stock is poised for further up move or it on topish formation. During the last six years the stock has not moved below 200 day EMA, after a very long time it has formed a lower high and now its on verge of formation of lower low which confirms that culmination of the current up move. till a new high is made we cannot expect a much action in the stock on upside. Now the thing to be watched is the 200 day EMA which happens to be around 1364 levels, this is the point to be closely watched. Any close below 200 day EMA on weekly basis would confirm the larger correction than that witnessed in last 6 years. So bears are slowly creeping into the stock.

Mahiidar M
Enjoying Life
Trend is Friend.