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SUNPHARMA - Bullish Bat - Support of Channel - Long

Long
NSE:SUNPHARMA   SUN PHARMACEUTICAL
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Possible reversal zone (PRZ) - @ 380

Sunpharma has been on a down run since Jan end. Today it got retraced from channel bottom.

As the whole pharma sector is going down, tomorrow it may go down a little further.

Bullish Bat Harmonic Pattern is seen developing near the channel bottom and possible reversal from 380 can happen

The Target for positional trades would be 417 and ++

Intraday Target would be 395 . book half here and leave the rest to square off

Trade Plan

Scenario 1 - In the initial session - Script directly starts falling and touches 380 or falls more .. wait till it starts reversing and crosses 380. Buy at 381

Scenario 2 - If Script doesn't fall till 380 and starts retracing from 384 only .. wait till it crosses 389 . buy at 389

Scenario 3 - For Risky traders - buy on dips till 380

Happy Trading

MSK
Trade active: Reversing from 380.7
Comment: carried forward the trade ... today again in green.. For yesterday - News over-ride technical analysis :)

Comments

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