Stock of the day: Buy Sun Pharmaceutical Industries Ltd For Target Rs. 1,180 - Religare Broking
Sun Pharmaceutical Industries Ltd.
Rationale
* Open Interest in stock is 40k v/s 34k contracts in previous series; Rise of ~17%.
* 93% positions rolled into next series as compare to 94% on last expiry.
* Cash based buying & carrying forward longs suggesting positional players have added aggressively
Technical View
* We have witnessed a trend reversal in the pharma index after more than one and a half years and trading up by over 8% this month so far.
* We are seeing noticeable traction across the pack wherein Sunpharma also looks set to resume the trend after spending nearly seven months in a consolidation range.
* Traders shouldn’t miss the opportunity and accumulate in the given range.
Buy Sun Pharmaceutical Industries Ltd CMP 1050; Range 1040-1050; SL 980; Target 1180
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