Bullish Projection for Aurobindo Pharma: Technical Analysis

Key Zones:

• Bullish Order Block (OB): Found below at ₹1,146.30 (indicates strong demand area for price to rebound).
  
• Bullish FVG (Fair Value Gap): This suggests there's liquidity and demand at the current levels, supporting a potential upward move.
  

Reasoning for Bullish Projection:

• Spring Setup: The recent price action shows a spring-like structure, with price bouncing off support and indicating a potential continuation of the bullish trend.
  
• Accumulation Zone: The earlier consolidation period indicated accumulation, and now the price is breaking out, signaling a move higher.
  
• Break of Structure (BOS): The price has already broken above the previous resistance (BOS at ₹1,259.70), which is a confirmation of upward momentum.
  

Projection:

• The price is expected to target ₹1,355.95 first, and potentially ₹1,459.00 in the longer term, assuming it holds above Primary Support at ₹1,146.30.
  
• The Stop Loss should be placed below Primary Support (around ₹1,146.30) to manage risk effectively.
  

Bearish Setup Below ₹1,177:

• If the price drops below ₹1,177, it could signal further weakness, indicating that the bearish momentum is gaining strength.
  
• A break of this level suggests a potential move toward Primary Support at ₹1,146.30, and possibly toward Bottom Support at ₹1,035.30 if the downward pressure continues.
  

Potential Downward Targets:

• Target 1: ₹1,146.30 (Primary Support) – A significant support level that could halt or slow the downward movement.
  
• Target 2: ₹1,035.30 (Bottom Support) – If the price continues to fall, this level would be the next area to look for potential reversal or price stability.
  

Summary:

• Entry Point: Look for confirmation near Primary Support at ₹1,146.30.
  
• Target Price: ₹1,355.95 (short-term) and ₹1,459.00 (long-term).
  
• Risk/Reward: The current setup offers a favorable risk/reward, especially if buying near the Primary Support zone.
  

Disclaimer: lnkd.in/gJJDnvn2