IIFL is bullish on Sun Pharma and has recommended buy rating on the stock with a target of Rs 734 in its January 23, 2013 research report.
“Sun Pharma had been moving in a downward channel between the range of Rs795 and Rs694 with decent volumes. We believe that the two week channel has matured and given a way to an upside breakout. In last two trading sessions, the stock has taken support at its 100-DMA, confirming the bullish set up. 100-DMA has acted as a solid line of support since December 2011. The daily RSI is suggesting strength in the upmove. (Duration 7 days),” says IIFL research report.
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