SUNPHARMA this week successfully broke out of 50% fib retrenchment level at 496 with considerable volume indicating buying interest in the script. As long as it doesn't break the channel top at 477 on weekly close, we can expect it shoot up further. Levels mentioned on the chart. For educational purpose only.
Trade active:
First tgt 511 achieved on Tuesday, 9th June when it hit a high of 512.70. It's significant to note that even though it dipped below 477 during the second week of June ending on Friday, 12th June when it almost breached the top of inside channel, it still gave a weekly close of 480. So the weekly bullish trend can be considered in tact. Volatility is unprecedented but that's the nature of the market these days.
Trade active:
So far Sunpharma has managed to keep its head above 477 which is a very positive sign. Tomorrow expect expiry day volatility but Sunpharma seems to be consolidating nicely waiting for a positive cue from the market to break out above previous highs. Keep your fingers crossed.