Pharma sector has been on a roll for some weeks now and it may be time that the sector cools off a little before commencing the next leg of rally.
After a big upmove from 436 to 579, I think Sun Pharma NSE:SUNPHARMA may have entered into correction mode, looking at the large Bearish candle and Evening Star pattern that it formed today.
Good opportunity to short here for a first target of 535.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
What a volatile move here !...market trapping both Bulls and Bears..convinced me the importance of "close" of a candle..could not close above the crucial level of 582...so target of 535 still on cards !
KINGOFKING
⋅
TODAY I TAKE SHORT POSITION SUNPHARMA AT 575. MAY I HOLD OR EXIT THE POSITION.
nano6yogesh
⋅
@KINGOFKING, you can place a strict stop loss at 583. Looks like the trend is very strong here. If it sustains above 582, it may indicate the small pullback is over.