Aditya Agarwal Way2Wealth Brokers
After confirming its breakout from the double bottom pattern on the weekly chart, Sun Pharma rallied to Rs 645.50.
Subsequently, it saw mild pullback but stock found support near Rs 617 and rebound sharply in Thursday’s trade.
The daily RSI (14) found support above 60 levels whereas the weekly RSI (14) had already signaled a range shift.
Considering the above evidence, we advocate traders to accumulate this stock in a range of Rs 635 to Rs 630 with a price target of Rs 690 and in case of further optimism, stock can even rally till Rs 725. A stop loss should be placed below Rs 600.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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