This stock has been under a significant pressure as it has slipped from its November swing high of 3,845 to the recent swing lows of 3,200
Traders should avoid bottom fishing as of now as in the near term a decent correction can be expected in the broader markets.
As long we don’t see a decisive breakout above 18225-18300, traders are advised to avoid aggressive long bets and be very fussy in stock selection.
Traders can opt for stock specific trades as we have been witnessing strong out performance from individual space.
17900 - 18000 levels are likely to act as immediate resistance whereas on the flip side, immediate support is seen around 17550.
Recent outperforming high beta counters witnessed a sharp profit booking that dampened the broader markets and the rub-off effect on markets
Divi's Labs is a known name in the pharma space. However, for the past few weeks, it has been struggling to surpass levels of 5,280.
While the 17,600 acted as strong support for the Nifty on the higher side 17,900-17,950 continued to act as a sturdy wall.
On the flip side, 17,450 – 17,300 is seen as key support and the first sign of weakness will be seen only if we slip below the same.
The bulls are in strong momentum and as of now, there are no signs of weakness.
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