Buy Sun Pharmaceutical Industries Ltd. For Target Rs.1080 - Religare Broking
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Sun Pharmaceutical Industries Ltd. (SUNPHARMA)
* Sunpharma had been among the top performing counters till 2015 however a prolonged corrective phase of nearly 5 years pushed the stock from its record high of 1058.71 and made a low of 300 levels in March 2020.
* It finally witnessed a reversal in April 2020 and made a steady recovery in the following months to retest the record high zone in April 2022.
* It was trading in a consolidation range around the record high for the last five months and finally witnessed a breakout from the same today. Indications are in the favour of a steady rise from hereon. We thus recommend creating longs in the mentioned range.
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