Ajanta pharma stock technical analysis ( short to long term)
Ajanta pharma stock price closed today at 1713 with 4% gains. On daily chart, stock taken support of 3 month average at 1610 and given strong reversal. Today stock hit fresh 52 weeks high. For short term traders momentum is bullish and stock above 1645 remain buy on dips for target 1760 and above. Stock also has potential to hit above 1800 levels. Strong fresh breakout was seen at 1600 levels.
From medium term view, weekly chart looking overbought but momentum is still strong bullish. For swing traders, 1640 is stop loss and 1850 is target level. On weekly closing basis, if stock hold 1640then follow buy and accumulate view for medium terms for target 1850. Below 1640 expect deep correction up to 1200 levels.
Ajanta pharma stock price in 2008 was trading at 7-8 rupee from that level stock had made fresh 52 weeks high at 1720. Almost 2150% return in last 7 years for Ajanta pharma investors. To me looks overbought and overvalued. Long term investors must book 80% of their holding and hold 20%for next targets of 2000 with stop loss 1250. Long term correction might take stock up to 600-800 levels in upcoming years.