21113 Investors following Sun Pharma. Share this News with them.
0
Like this story, share it with millions of investors on M3
Sell Sun Pharma; target of Rs 450: Aditya Birla Money
Aditya Birla Money is bearish on Sun Pharma and has recommended sell rating on the stock with a target of Rs 450 in its August 12, 2011 research report.
Aditya Birla Money is bearish on Sun Pharma and has recommended sell rating on the stock with a target of Rs 450 in its August 12, 2011 research report.
"Sun Pharma, after falling sharply from its recent high of 540 the stock took support near Rs 476 levels and has been consolidating above it over the last few sessions. Momentum in the 14-day RSI is weak while the MACD (12/26/9) is trending down and is just below the zero line. Hence a break below the said support at Rs 476 could signal the resumption of prevailing weakness and invite further fall towards the support of 200-day EMA near Rs 453 levels and even lower in the subsequent sessions."
"Weekly oscillators are also turning down from the overbought territory and would be supportive for the same. On the higher side, Rs 488/494 zone acts as strong resistance in the immediate front. Only a comfortable close above it could invite a short-term recovery in prices delaying the expected weakness. Sell Sun Pharma below Rs 475 for a target of Rs 450 with a stop placed above Rs 492," says Aditya Birla Money research report.
Disclaimer:The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
