Shares of Aurobindo Pharma hit near 2-month high and according to technicals, further upside is seen.

The stock rose as much as 2.88 per cent to Rs 662.45, its highest since April 19.

The stock has cleared resistance at Rs 652, the 38.2 per cent Fibonacci retracement level of the downtrend from the October 6, 2016 high to May 29, 2017 low.

The stock has also broken above the cloud, which is seen bullish for the stock. Cloud's tenken line had crossed kijun line last week.

RSI's break above 60 is also seen positive. Resistance was seen near RSI level of 60 points in January and March. MACD is also positive and above its signal line.

Aurobindo Pharma stock was down 3.8 per cent this year as of Thursday's close compared with a 17 per cent gain in the NSE index.