As far as sunpharma is above its weekly trend line, it is demonstrating the strength and can go towards its all-time highs. One can get into this trade, keeping a stop loss below the trend line. Do follow risk management rules and maintain proper position size.
1) On 1day time frame, we can see it made inverted hammer in up trend and after making new high it was facing huge selling.
If it starts to trade below this candle's low which is 919.55 then the pressure of selling will start. And as per technical levels 920 is breakdown level and 900 is last major breakdown level of it.
Where you will invest for future returns?
FD / Mutual Fund / LIC Bond
Wow Descending Triangle formed.
Now we have to wait for breakout either side "15 min preference" should sustain first.
Condition 1: We will only look for Buying once 931 taken out reason being two levels will crossed (Price Action & Triangle).
Initial Target (IT) : 938.
1) 15min chart for reference.
Please refer below chart : 15min Time Frame.
2) Same chart on 1 day time frame.
Please refer below chart : 1day Time Frame.
Trade Setup for 01-04-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min...
Important levels as per Technical Analysis
- stock is consolidating near previous top
- potential 20 day and 50 day EMA support at 883 / 861
- probable trendline resistance near 936-942
- above line of resistance, doors open up for a breakout trade potential & target of 996 / 1018
Plan your trade accordingly
Take care & safe trading...!!!
#NSE:SUNPHARMA initially traded positive and got rejection from 920 level, swing changed and momentum turns in to selling,
All 3 targets reached in selling.
attached the chart shared today in live market with levels.
Hi Traders & Investors
In the last forecast we talked about pharma index is its last leg and we will see an positive structure from here. So here is the wave count of sunpharma to compare pharma index with it.
Pharma will be on buy on dips for now.
For more updates keep wathing us.
educational purpose only
looks like sun pharma has got some good attention now. it has respected the supporting trendline followed by strong green candles.
844 - 846 is a strong support zone now and we may see a strong recovery.
can buy on dips for targets of 875 followed by 890