Trade Idea of The Day -Sun Pharmaceutical Industries Ltd Target Rs.40- Religare Broking Ltd
Sun Pharmaceutical Industries Ltd
BUY Sun Pharmaceutical Industries Ltd 30 MAR 1750 Call ITC Ltd SELL Sun Pharmaceutical Industries Ltd 30 MAR 1800 Call Entry Range 20 - 22 Target Range 40 Stop Loss 10
Rationale
* On the daily chart SUNPHARMA has witnessed a robust recovery from its key moving average of 50-DEMAs. In addition to this a recent crossover suggests that the short-term trend has turned decisively upward.
* On the technical front prices are forming a clear higher-low pattern, supported by a rising trendline, indicating strong buying interest on every minor dip.
* The 14-Day RSI is holding steady around 60 mark, signalling a healthy momentum with plenty of "room to run" before reaching overbought territory.
* The MACD indicator shows a bullish convergence, with the signal line trending upward and the histogram continued to trade in a bullish trajectory, confirming a positive bias for the coming sessions.
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