Overall
pharma stocks seem to be under pressure because of selling witnessed in
domestic market. Nifty Pharma index has cracked by more than 3% in today’s
session whereas Auropharma has lost almost 4% making a low near 738.25 levels.
We are showing Rate Of change indicator on daily chart of Auropharma. This
indicator is used to measure the percentage change in prices in specific time
frame. It is used in various ways by trader to analyze trend of particular stock.
(Below is the gist taken from our daily equity report published under the
name of “ The Financial Waves Short Term Update”)
Wave analysis:
We
have been talking about Pharma being the theme of the year and prices have
moved exactly as per our analysis. In the previous session, although the Nifty
Index moved in favor of the bears Auropharma managed to close positive and made
a high near 789 levels. Also, over the past one month the stock has given a
return of nearly 14%. As shown on daily chart, prices have shown a steep rise
from the level of 594 and have been moving strong since then. As shown in the ROC indicator prices have
bounced from the levels of negative 9 and we have seen similar bounces in the
previous sessions too, this indicates that we can continue to see prices moving
at higher levels. In short, trend for Aurobindo Pharma looks positive. A break
of 790 is expected to take the prices towards …………..
Looking
at the above chart we can see how well the momentum indicators work. To know
details about other stocks and how far the index will fall subscribe to our
daily equity report “The Financial Waves Short Term Update”.
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