Trade Idea of The Day - Sun Pharmaceutical Industries Ltd Target Rs. 50 - Religare Broking Ltd
Sun Pharmaceutical Industries Ltd
BUY 30 JUN 1840 CALL SELL 30 JUN 1900 CALL Entry Range 23 – 25 Target Range 50 Stop Loss 12
Rationale
• On the daily timeframe SUNPHARMA witnessed a healthy pullback after a robust downtick and managed to hold firmly above its 20-DEMA support zone near 1830, indicating the broader bullish undertone remains intact. The prices are continues to trade above its key moving averages, reflecting sustained buying interest at lower levels.
• From the momentum perspective, RSI is hovering near the 60 mark and has reversed upward after cooling off from the overbought zone, suggesting renewed strength and improving price momentum in the near term.
• Additionally, MACD indicator remains in the positive territory despite a minor consolidation phase, while the histogram contraction hints towards a possible fresh bullish crossover in upcoming sessions.
• Overall, the price structure indicates a bullish reversal setup, where any stability above the 1820-1830 zone could trigger renewed buying momentum towards the 1900 and 1950 levels in the short term.
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