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SUNPHARMA

Swing Trading Opportunity in Sun PharmaOn the daily timeframe chart of Sun Pharmaceutical, the price is approaching a resistance zone that has been tested multiple times. As this resistance has been tested multiple times, it may be considered a weak resistance. If the price gives a strong breakout above this resistance zone, it could present a great opportunity to take a swing trade. For entry, we can go long after a breakout of a strong bullish candle above the resistance zone. It is advisable to initially enter with half quantity, as most breakouts tend to fail. After the breakout, when the price pulls back to the flip zone to take support and then starts moving in the direction of the breakout, we can add the other half quantity. Sometimes, the price doesn't pull back, which is why we enter the trade with half quantity after the breakout candle closes. Regarding the stop loss, we can keep it below the resistance zone with some buffer. We can set the target near the all-time high, as it may provide a significant resistance level and a potential area of profit-taking for traders. However, it is important to note that we should also monitor the price action closely and adjust our target accordingly if we see any signs of weakness or reversal in the trend. If you enjoyed this content, please consider giving it a like and following me for more updates on market analysis and trading strategies. Your support is greatly appreciated!
NSE:SUNPHARMALong
by vt_trader
3
Head and Shoulder in Sun Pharma (09/05/23)Perfect Head and shoulder break down can be there in the Sun Pharma stock. It is trading around the neck line. Sun Pharma is in the sell zone, as the market has retest the recent 50% fib levels. This stock never fails to respect the fibonacci levels. It has been consolidating and on the daily charts it has formed a gravestone doji. Stock is near it 200 DMA and if it breaks down below the zone the moving average will also be passed. Stop loss and target levels are provided in the chart itself. Wait for the price action near the price levels before entering the markets.
NSE:SUNPHARMA
by TheMamboMomentum
SUNPHARMA - Pullback in long term uptrend now complete Consolidation below highs over. Turning back on the daily charts as well as weekly charts Bull trend on weekly charts started in 2020 - and the past 2 months were a longer term pull back in this bull trend Stop Loss - 950 which is the median of the level at which consolidation started Price Target - 1050 which was the previous high Low Risk / Higher Probability Trade - Sell 1000 - 950 put spread and collect theta. IV at 24% is decently high for this stock Higher Risk Trade - Buy 1000 - 1050 call spreads and close them when the stock gets to 1030 or so Disclaimer & imp rules * These are merely ideas and not a recommendation to take a trade * Trade small size & keep a wide stop loss (atleast 1.5 ATR). Dont fall into the trap of tight stop losses & big positions * Be patient when in the trade - the stock doesnt know you or care about your feelings. * Be ruthless with cutting trades that hit your stop * Be patient & wait for trades to come to you. Do not chase stocks - that only ends in disaster
NSE:SUNPHARMALong
by kunal_finner
2