Trade Idea of The Day - Sun Pharmaceutical Industries Ltd Target Rs. 60 - Religare Broking Ltd
Sun Pharmaceutical Industries Ltd
BUY 30 JUN 1820 CALL Entry Range 26 - 28 Target 60 Stop Loss 15
Rationale
1. SUNPHARMA continues to exhibit a positive price structure, trading above both the 20-DEMA and 50-DEMA, which indicates that the broader bullish trend remains firmly intact. The recent rebound from the 50-DEMA reinforces buying interest at lower levels.
2. The stock has witnessed a steady recovery after a brief corrective phase and reclaimed its crucial hurdle near 1800. A sustained breakout above this level could trigger fresh momentum and pave the way towards 190-1950 zone.
3. Momentum indicators are supporting the bullish bias, with the RSI gradually rising above the 50 mark, reflecting strengthening buying pressure. Additionally, the MACD has witnessed a positive crossover and is moving higher, signalling improving upward momentum.
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SEBI Registration number is INZ00017433
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