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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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