Rajesh Palviya Axis Securities
On the monthly chart, Sun Pharmaceutical Industries has formed a "Double Bottom" - a short-term reversal pattern which signals a shift in the short-term trend reversal to the upside.
This breakout is accompanied with a huge spurt in volumes which supports bullish sentiments ahead. The weekly and monthly strength indicator RSI and the momentum indicator Stochastic both are in the positive terrain which supports upside momentum to continue in the near-term.
The stock is well placed above its 20, 50 and 100 day-SMA which supports bullish sentiments ahead. It can be bought in the range of Rs 600-650 for target of Rs 715.
Disclaimer: The author is Head, Technical and Derivatives at Axis Securities. 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.
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