Sun Pharma - the gap between 50 n 200 EMAs is less than three rupees, 0.7%, we know how significant is this.
We can also see a trendline connection earlier tops, which may see a breakout as soon as on Monday (Jan 14th).
Buying above 448, with a stop loss of 436, for immediate targets of 464.
Traders using derivative tools, may use vertical bull spread, once it closes above 448.
Options OI are not supporting a long position at this stage, but this can be evaluated again.
I generally avoid suggesting trading using naked futures or options, strategies help in reducing risk but also empower positional traders to remain in a position for longer periods and grab bigger profits.
You may send me a direct message for any clarification, and low risk strategies to trade for short term gains.
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Triangles take time to develop and this one is not ripe yet. I don't disagree with your target of 464, but that's too close and doesn't seem lucrative enough. The interesting trade likely will be when Sun Pharma reverses its path after hitting upper channel at about 464 level and slides downward. You could short or buy a put once it hits upper channel line. Right now, it's better to wait than go for a small play. The way I see it - only time can tell but there's high probability - that this triangle is a precursor to further drop in the price of Sun Pharma in the medium run.
7799423bcc6b4921a75a13859c2c02
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what do u think regarding options in indusin bank and sbi . i am new to tradingview bit of help will be grate .
TradeChampion
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i think its difficult to cross the 448 resistance as candle stick pattern do not suggest further upward movement
ykabhijeet
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there are two pattern is in formation cup and handle and inverse head and shoulder .
overall nice analysis .it is looking bullish from here .
Yadunath
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@ykabhijeet, No, Sun Pharma is not a bullish chart for sure. It's falling from a precipice and the correction is far from over. It's never a great idea to try catching a falling knife. Once the triangle plays out, (could be another 2-3 months), Sun Pharma will drop further down. Once it completes the terminal wave down, there's scope for price increase but it's early to talk about that now.