The stock has nicely formed the double bottom reversal pattern so one can expect that the long term downtrend has been reversed for time being. It has retested the neckline yesterday and bounced from that level. One can buy the stock now with the SL of low of today and continue with the trade for the target of 472. It offers a good Risk to Reward ratio of...
ascending triangle in sunpharma
Bullish if Close above 429 for 440
Bearish if close below 410 for 400
200 SMA is good support two times bounce from 200 SMA
As per Fibonacci analysis Sun Pharma will down till .5 and .618 Levels.
Let's see in coming days.
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Supnpharma trading in bullish channel
fresh buying above 443 for 454,460
Bears will be in control after 410 for 400,380
Sunpharma hovering near 50 SMA ,if manage to stay above 50 SMA then bulls will be inn control
200 SMA at 405 last line of support
SUN PHARMA IS BULLISH BKOZ IT FOLLOWS A TREND LINE AND ALSO IT HAS A CHANCE TO REACH THE RS 457 WHICH IS NEAR R1 POSITION.IF IT BREAKS DAT IT ALSO HAS A CHANCE TO GO AND HIT RS474.
Buy at 401.50 SL 394 TGT 410-415--424-432-438
Reason : last 1 hours volume suggests BTST kind of position built up by traders. Close abv 400 is extremely good for counter. It could be a trend reversal signal if we see on monthly closing basis.
SUNPHARMA (Sun Pharmaceutical Industries Limited) BUY ABOVE 405.5
Multiple time frame support regions at 405-406, breaking above this with volumes will give a good buying opportunity. Targets will be 410, 413, 415 and 417
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