ProfitBankDemonstration
Education

SHORT SUNPHARMA FOR BIG TAGETS

NSE:SUNPHARMA   SUN PHARMACEUTICAL
KEY POINTS HIGHLIGHTED
Disclaimer: All posts/views are for educational purpose only..!!
Kindly contact financial advisor before taking position/decision -KG
Oct 04
Trade closed: target reached: Till now 590
Oct 04
Trade closed: target reached: Till now 590
Sir, can you suggest levels for October series? What can be used as SL for shorting from cmp in future? Thank you.
Reply
vishal20agarwal RoshniParekh
@RoshniParekh, typically in h&s pattern your stopbloss is above the head which in this case is 680 and target is distance between neckline and head which is close to 60 points. Note that 615 and 590 are strong support for sunpharma. It is more likely to bounce from these levels.
Reply
RoshniParekh vishal20agarwal
@vishal20agarwal, Thanks for the response, Vishal ji. On Monday, Sun pharma dived till 610.75, I didn't book as I was expecting more downside but it showed recovery from there till 641.. I am holding my short position (635). I would really appreciate if you could share your view based on the movement on Wednesday... Thanks :)
Reply
@RoshniParekh, Sir my chart shows 2 views, 1) Head and Shoulder pattern. 2) 3 continuous red candle in daily chart. @vishal20agarwal told SL for H&S
Based on candle pattern, SL is just above the 2nd candle high, in this case it is 644. So you can keep your position open maximum till 644/645. Still the view is intact.
Note: The number 644/645 is Stock price, Not the future price.
Reply
vishal20agarwal ProfitBankDemonstration
@RoshniParekh yesterday's rejection at 615/610 validates the point that its a strong support for SP infact a month back also it fell from 641 and took support only at 615 as it formed a good base by consolidating around those levels. IMO SP is short only below 610 if it gets smashed by a strong candle for tgts of 600-590 and so on. Keep in mind it will be very difficult for SP break 600-590 zone as it broke off those levels on it prev qtrly results day and the entire pharma rally kickedoff.
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ProfitBankDemonstration ProfitBankDemonstration
@RoshniParekh How was the move today?? Did you enjoy?? It didnt break 644 :)
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Shorting opportunity... ??
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