Technical analysis Ajanta Pharma Limited

The stock $AJANTPHARM looking at the chart from October to May the stock has been in a strong uptrend. It started around the ₹2400 level late last year and steadily climbed to reach a peak of over ₹3200 by May. This shows that buyers were largely in control for most of this period consistently pushing the price higher. The stock has experienced a sharp correction or pullback. It has fallen steeply from its high above ₹3200 down to the current trading price of ₹2947.70. Resistance the most obvious resistance level is the recent peak above ₹3200. For the stock to continue its long-term winning streak it will eventually need to break and stay above this high point. Support the price is currently hovering around ₹2947. If it continues to fall the next major support zone looks to be around the ₹2800 to ₹2900 area. This zone acted as a strong base during March and April before the stock pushed higher. If the price falls below ₹2800 the trend might weaken further. Short-term buyers should avoid buying immediately since the stock is falling and instead wait for it to stabilize around the ₹2800–₹2900 support zone before entering with a strict stop-loss. For current holders there is no need to panic yet as this pullback is just a natural correction after a massive rally. The key level to watch is ₹2800 as long as the stock stays above this floor the overall uptrend remains healthy. However if it breaks below ₹2800 short-term traders should look to exit and lock in profits, while long-term investors can comfortably hold.