The share price had been on a tearing run after consolidating around 600-650 post Q4 results and that is largely due to the anticipated strong Q1 results which the company did deliver… so the swing traders have/are booking out… I personally feel that there will be support around 780-800 on observing the chart formation and minor support a 860 level…
With the management stating in the conference call that a conservative net profit of 1000 crores for the year is what they will do (and how much more above not ready to speculate) the company is poised to give its highest ever annual profits and EPS between 55 to 60…
As there is positivity around the earnings, a good news like a brownfield acquisition or a Para IV filing success may lead to more strength in the share price or rerating…
raiders have looted the candy shop for now but will be open for business soon, thats how I am looking at it
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