Ashish Kyal of wavesstrategy.com told CNBC-TV18, "Sun Pharmaceutical Industries moves somewhere around Rs 880-900 and then it starts moving lower again because Rs 900 is the zone where there is a lot of resistance coming in, in the month of August and September. The stock gyrated lot of time between that zone and that is why there is a supply which is coming in every time at the Rs 900 level.""Over the short term, I think the stock has moved up brilliantly from Rs 720 and has formed a higher high-higher low which indicates that the short-term trend is positive. So, I would suggest that one should definitely hold and once the Rs 900 level is taken out, then we can expect a very strong move towards the Rs 1,000 mark.""On downside one should use a stoploss of somewhere at Rs 750 because that is the key pivot low from where the bounce back has happened. So, Rs 750 should be the stoploss and near-term we can expect Rs 1,000 levels but Rs 900 has to be taken out decisively to confirm the upside reversal," he added.
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