Pharma sector has got hammered down with every possible bad news in the last couple of years. As mentioned is the last post on pharma sector, with Nifty & BankNifty at all time highs, market is hungry for ideas. There are signs of smart money moving in beaten down sectors like IT & Pharma.
Another Pharma stock, SunPharma looks good. Held onto support zone of 600-620. Made hammer on weekly charts, MACD turned positive & favorable risk reward. Selling seems to be getting exhausted at lower levels. Targets have been identified with Fib levels, previous critical zones and Moving averages in mind. Go long with stop loss at 600.
Another Pharma stock, SunPharma looks good. Held onto support zone of 600-620. Made hammer on weekly charts, MACD turned positive & favorable risk reward. Selling seems to be getting exhausted at lower levels. Targets have been identified with Fib levels, previous critical zones and Moving averages in mind. Go long with stop loss at 600.
