indian_insight

Sun Pharma completing an irregular flat correction

Short
NSE:SUNPHARMA   SUN PHARMACEUTICAL
Sun Pharma may have completed what looks like wave C of an irregular flat correction on March 22nd. The high of 479.70 made on March 22nd is very close to the 1.272 extended level of 480.10 which is typical for an irregular flat correction .

The wave c looks like a diagonal triangle. If so we should see swift selling in this counter that may reach the Jan lows of around 370 by April end/ First Half of May. A break below 461 would further reinforce this view.

The pattern would stand negated if we cross 500. A tighter stop can be placed around 481 level for immediate short positions.
Trade closed: target reached: Sun Pharma hits 370 in first half of May!!!