Ajanta Pharma: Bullish Breakout Signals Wave 3 Toward 3300+

Timeframe: Daily

Ajanta Pharma seems to have completed a prolonged corrective phase, forming a W-X-Y pattern that ended near 2327.30. This correction began at the peak of 3485.00 and unfolded in a complex zigzag formation, ultimately setting the stage for a trend reversal. Following this, the price action indicates the start of a new impulsive wave count, with Wave 1 peaking at 2829.40 and Wave 2 bottoming out at 2496.40. The recent breakout above the crucial resistance of 2765 suggests that Wave 3 has likely started, and momentum is building on the upside.

Looking forward, Wave 3 is projected to extend toward 3300, and if the pattern holds, the entire 5-wave structure could complete near 3424.45, a key Fibonacci extension level. A brief correction around 3035 could mark Wave 4 before a final push higher in Wave 5. The structure remains bullish as long as the price stays above 2496.40, which is now a critical support and invalidation level. Targets for the setup can be 2890 – 2971 – 3099. The overall chart signals strength and a possible medium-term rally if the impulsive wave count continues to unfold as projected.

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