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Sun Pharmaceutical Industries LimitedSun Pharmaceutical Industries LimitedSun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited

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SUNPHARMA trade ideas

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
SUNPHARMA IHNS Breakout Buy!Attached: SUNPHARMA Daily Chart as of 28th June 2023 - On Wednesday Price gave a Strong Bull Power Candle Breakout signal activating a Bull Flag + Inverted Head & Shoulder Pattern, pay attention to the Green Neckline - Moreover this Stock has the Highest Weightage in the Nifty Pharma Index so Pharma cannot move up without Sun Pharma participating (I have already maintained a bullish stance on pharma and it is paying off well, see my related ideas) The Target for the Breakout is 1070 Stop Loss for same can be Day's Low or below 1000 closing
NSE:SUNPHARMALong
by T_Harth