Sun Pharma has resistance around Rs 840-850: Kunal Bothra

Kunal Bothra of LKP Securities told CNBC-TV18, "This seems to be a short-term rally for Sun Pharmaceutical looking at the longer term charts the bearish pattern for Sun Pharma has resistance around Rs 840-850. So, I believe that the selling pressure of Rs 840-850 is something to watch out for because if that pressure can be absorbed then you can expect a new trend to begin but I think other than that I would probably continue to believe that the stock would probably continue to go down trend.""Tata Steel is going through a process of consolidation which is rare because these kind of high beta names generally have very fast upswing and generally don’t like to go into period of consolidation. So, I am pretty concerned because of the short-term trend for Tata Steel seems to a bit sideways.""Till the time you don’t see a break of psychological Rs 300 the longer term trend for Tata Steel would probably remain sideway. So, you might get those couple of bounces and corrections but the real trend could begin if the stock breaks Rs 300 and that to pretty quickly," he said.