Trade Idea of The Day - Sun Pharmaceutical Industries Ltd Target Rs.56 - Religare Broking Ltd
Sun Pharmaceutical Industries Ltd
Sun Pharmaceutical Industries Ltd BUY 26 MAY 1860 CALL SELL 26 MAY 1940 CALL Entry Range 20 – 24 Target Range 56 Stop Loss 10
Rationale
• On the daily chart SUNPHARMA has witnessed a strong bullish breakout above the 1850 mark, indicating renewed buying momentum after a prolonged consolidation phase. Sustained trading above this level may trigger further upside traction in the near term.
• From the technical prospect, prices are comfortably trading above its 20-DEMA and 50-DEMA, reflecting a positive trend structure. The short-term moving averages are also supporting the ongoing upward momentum.
• Momentum indicators remain constructive, as RSI is gradually moving towards the bullish zone near 60, while MACD has generated a positive crossover with rising histogram bars, confirming strengthening price momentum.
• For the near term one can adopt a buy-on-dip strategy near the 1840-1850 support zone to build Bull Call strategy with the upside resistance of 1940 and downside support near the 1800 zone.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
