Sunphsrma has been the leader of the falling pharma sector for last 30 months or so. The stock is falling since making an all time high in April 2015. Now the stock looks like bottomed out with a low around 460 in the month of September. The stock is trading above 21 WMA
. It seems to have made a higher bottom last week around 21 WMA
near 500. 14 period MFI
is above 50 & pointing upwards. However the confirmation of beginning of uptrend will come only after the stock closes above 595 on weekly timeframe
. But for now the stock looks to be going towards recent tops of 572 & 590. So the stock can be bought above 541 for the targets of 572 followed by 590 with a stop below 520.