Aurobindo Pharma In Medium-Term Uptrend

The stock currently tests the next vital resistance at ₹600

- Yoganand D

Here are the answers to readers’ queries on the performance of their stock holdings.

What is the prospect of Aurobindo Pharma? Can I average it at the current market price?

Pradeep K

Aurobindo Pharma (₹599.5): The stock of Aurobindo Pharma skyrocketed 20 per cent with an upward gap, accompanied by extraordinary volume on February 19, by conclusively breaching a key longterm resistance between ₹540 and ₹550.

This rally strengthened the short- as well as the medium-term uptrend. But the stock currently tests the next vital resistance at ₹600. After encountering a key resistance at ₹835 in April 2019, the stock had been on an intermediate-term downtrend until it recorded a 52-week low at ₹389 in November 2019.