Sell Aurobindo Pharma; Buy Aditya Birla Fashion: Choice Broking
The S&P BSE Sensex and NSE Nifty 50 indexes were trading with a negative bias led by declines in HDFC Bank, HDFC, Reliance Industries, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank. The Sensex fell as much as 259 points to 36,801 and the Nifty 50 Index dropped below important psychological level of 10,850. Selling pressure was broad-based as the Nifty 500 Index dropped 0.8 per cent. On the sectoral front, allsector gauges barring the Nifty FMCG Index were trading lower led by the Nifty Metal index’s 1.5 per cent decline. Nifty Private Bank, PSU Bank, Financial Services, Bank and Auto sector gauges also fell over a per cent each.
Here are some share market tips (trading ideas) from Choice Broking:
Sell Aurobindo Pharma
Choice Broking has recommended selling Aurobindo Pharma in the range of Rs. 589.90 and up to Rs. 593 for target price of Rs. 565 with stop loss at Rs. 603. On an hourly chart, the stock has given a breakdown from its symmetrical triangle which suggests a bearish movement in the counter. A daily momentum indicator relative strength index (RSI) reading is at 51.54 level and trending down side which points out for a negative breath in the counter