The stock seems to be flashing 3 sell signals:
-> A topping pattern
-> Break below 200 DMA
-> Break of trendline from 2020 lows
Typical target based on this pattern would be around 12350, which also seems to be very close to the important wave 4 price extreme around 12130
Key levels for Initiating shorts: 11956 is the key level for Nifty. If broken can be used to initiate short with a stop above day high. Next key level is 11873. Break of this level should lead to a sharp fall below 11829.
On the upside 12040 holds the key. Although longer term charts suggest Nifty may remain choppy with bullish bias above this level.
Federal Bank has been a deep correction since Oct' 17. This correction may have ended as a double combination correction. The possibility that the double combination correction may evolve as a triple combination correction has been eliminated as the prices have crossed the crucial 105 level which was the high of the X-wave of the double combination correction.
Sun Pharma may have completed what looks like wave C of an irregular flat correction on March 22nd. The high of 479.70 made on March 22nd is very close to the 1.272 extended level of 480.10 which is typical for an irregular flat correction.
The wave c looks like a diagonal triangle. If so we should see swift selling in this counter that may reach the Jan lows of...
NR4/Inside bar pattern emerging. Prices taking support close to 20 period VWMA. Prices may make a good rally today/ tomorrow if the level of 385.60 is taken out. Stop 379.80. The really can extend to 396 level overall.