SUNPHARMA trade ideas
Sunpharma 6/1/21 Wednesday Strong possibility to achieve Target 1. If momentum and trend continues can achieve Target 2 as well. One should watch 1st 5 minute candle and then trade for Target. Do not carry forward, for 7th January .
ELLIOT WAVE IN SUNPHARMAELLIOT WAVE ANALYSIS
WAVE 1 (UPTREND WAVE )FROM 397.65 TO 560
WAVE 2 (CORRECTION WAVE) RETRACED ABOUT 61.8% FROM 560 TO 450
WAVE 3 ( UPTREND WAVE ) 495 TO 925 (2.618 EXTENSION)
WAVE 4 (CORRECTION WAVE ) AS SHOWS IN CHART
WAVE 5 ( LAST BULL WAVE) AS SHOWN IN CHART
THESE ARE MY INDEPENDENT ANALYSIS . HOPE IT HELPS :)
sunpharma will flystock as given a close above major resistance 610 now next major resistance at 645-650 levels ,one can enter long ,
[Turtle] SunPharma StraddleSold 600PE at 24.5
Sold 600CE at 28.2
Net IC is 50. It looks fantastic range for this month. (Reason for thinking is already plotted.)
SunPharma at resistanceSun pharma at the resistance zone. Even if it breaks out, the next big resistance is at 640-650 zone. The stock gave a good move in November and December and is consolidating and trying to break the long-term trend.
The idea is to do a ratio spread by buying 1 lot 640CE and selling 2 lots 650CE. The trade can be managed by selling puts if the stock breaks out. The initial trade has no downside risk and upside breakeven at around 665 with max profit at 650.
SUNPHARMA BREAKOUTThis is just for educational & learning purposes and not a recommendation. This stock can touch 650/655 levels in short term. Before taking any positions please consult your financial advisor.
Elliot wave Analysis # Bullish SequenceSun Pharma 1 Day chart
Analyzing The price charts,
When it comes to swing trade setups, it doesn't get much easier than the price chart of Sun Pharma from Oct and Nov 2020, prices rise in five waves from 452.25 (wave 2) to 599.75 odd levels.
This wave pattern is significant because it identifies the direction of the larger trend (impulse), Thus this 5 wave in Sun Pharma indicates a Bullish view till 624.65 to 656.35 (Target level) from the CMP.
Expected return 10.75% in next 1 to 6 weeks,
Disclaimer : Any of my investment or trades I share on my blog are provided for educational purposes only and do not constitute specific financial, trading or investment advice. The blog is intended to provide educational information only and does not attempt to give you advice that relates to your specific circumstances.
sunpharma +Month frame = magic of patience I am biased may be so take positions according to own study
on month frame
stock now formed a base at 440/480 area
this will be acting as ROCK SUPPORT in any big fall if comes
the stock seems amazing now on higher frames and is good to get in area
540 to 580 for expected target 640/665 (time required could be upto march ..
above 685 the stock likely to give moves upto 850 (this is my personal feeling that could be due to results ) , am a buyer as long as stock is above 520 level (trading wise sl)
Short SunpharmaSell if sustains below 581 for the targets of 573 and 560 until 589 is saved on the upside.
Happy Trading!
InvestPro India Team
Sun pharmaSun pharma has formed good triangle pattern. may be this stock can give breakout in next trading session because open interest is strong in call side. so please keep an eye
Stoploss--> 585
Target-->602 or more than that
Sun pharma bullish may also have a breckout Firstly profit booking pullback is over and looking like it will continue its uptrend !!!!
also given macd buy in 15min along the trend + RSI above 60 bullish could be breackout i am assuming
took 100 QTY at 593
stoploss 588
genrally my target would be 599 as 6 points target but there is also breckout so better to trail 2.5 points profit if it crosses 598-599
to be more safe if sl it shoud hit traling and at end we will be in profit even if it was a not a breckout
## IF YOU TAKE TRADE THEN TRADE WITH YOUR OWN RISK ##
ill see if I can post how my trade gone
