We had very good fib support, breakout of trendline resistance which is happening right now, so expecting sun pharma to reach around 555's & 560's as final target. If you want to squeeze out every single point trial very aggressively after 560 for 565's zone.
- The index level retraced to the 20 day SMA
- Even though there is a little further to go for 61.8 % Fib level, hanging man pattern is clearly visible on the chart
- Looks like a reasonable risk/reward play on the short side considering above two factors
- Sunpharma, Auropharma, Biocon, Wockpharma etc seem like a good bet
Strong Inverted Hammer on daily chart. Descending triangle. May break on either side. Position to be taken based on where to it breaks.
Weekly chart shows clear indications of a downfall.
The stock is at crucial level.
See the yellow lines , which show what happened when the price came to this level previously.
The last time it happened, it failed to hold up.
But then it formed a base and now,
If buying continues to happen, very good chances of,
staying above the white line and futher, also above the rectangle.
Take positions...
For almost three months Sun Pharma has remained range bound between 620 and 680 levels. The candle stick depicts a bearish engulfing pattern. This is confirmed by the gap up opening the day before and the length of the candle today. I am mildly bearish on the stock. I would recommend selling ITM call option (680 levels) and buying OTM call option (740 levels). My...
It is been observed that price action breaks out from the downward consolidation flag formation and now it shall further move up to resistance levels and once it breaks above the resistance level then it shall further continue and follow the prevailing uptrend.
Target 1: 685
Target 2: 700
Stoploss: 670
Sun pharma moved out from its channel and now testing support. A perfect doji formation with decrease in selling volume . Based on Monday movement we can confirm the trend.
It is been observed on the daily chart that the price action firstly breaks above the downward trend line on daily chart indicating a strong bullish move. Then, it retraced back to the downward trend line with three candles hiding behind the big green candle. This is also indicative of the possible "Rising Three Method" formation. Overall, it is indicating a good...
Sun Pharma has made channel breakout and may set the trend reversal, traders may enter long on slight dip around 653-655, it may again retest the support which seems to be good buying zone and very small SL.
Sun Pharma is now at a multi-year horizontal - SR level .
You can see the levels go back upto 2013 which make them important.
Fellow traders are suggested to trade as they decipher this chart in their own way .
Cheers !!
There is an Ascending Triangle breakout after that a retest from above confirming that buyers are there at this level so it may continue it's move up. One can buy at this level with Stop Loss of 628. Good Luck
