Hello Traders,
In my previous post on SunPharma I presented a bearish view.
It didn't go as per expectations but gave a bearish engulfing much later at 591. Those who shorted there must be sitting in profit at present.
The stock has been observed to be bouncing inside an uptrend channel. I expect it would once again take support at 560-565 levels and bounce...
Long and Inside trend lines are formed in Sunpharma and targets are made as per speed fibo. resistance fan levels.
Trade 1 (swing trade):
Buy above - 590
Target - 640
Stop loss - 570
Trade 2 (Investment):
Buy above - 645
Target - 745
Stop loss - 600
Avoid sunpharma in long position it might see 470 range in few days, we will wait till channel breakout confirmation or lower level with MA crossover confirmation
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...
