Aurobindo Pharma Limited (AUROPHARMA) Stock - Complete Technical Analysis - Oct 23, 2024

Aurobindo Pharma Technical Analysis: Key Support & Resistance Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In our detailed analysis of Aurobindo Pharma Limited, we see that the stock is currently trading at 1,434, reflecting a significant decrease of 9.92% from its 52-week high of 1,592. Conversely, it's up 71.81% from the low of 834.65, showing strong upward momentum over the past year.

Examining recent trading activity reveals that the stock opened at 1,446.10 on October 23, reaching a low of 1,429.45 and a high of 1,466.15 before closing at 1,434. This range suggests that 1,429 could serve as a key support level. However, the bearish trend is confirmed by technical indicators: the RSI is below 40, indicating oversold conditions, while the MACD is in negative territory.

The ADX reading of 22.89 points to a weak trend, suggesting possible volatility and indecision among traders. Support levels are established at 1,405, while resistance is indicated at 1,487, near the Ichimoku Base Line. Given the stock's high average true range, traders should prepare for potential sudden price movements.

In conclusion, Aurobindo Pharma's current bearish indicators warrant cautious trading, and investors should monitor the key support and resistance levels closely, as these could offer both risks and opportunities depending on market movements.