Sun Pharmaceuticals Industries Ltd. is the 4th largest generic pharmaceutical company in the world. The company offers specialty medication, generic medication, over-the-counter (OTC) medication, active pharmaceutical ingredients (APIs) & anti retro viral medication. The company has the presence in more than 100 countries supported by 40 manufacturing facilities...
---->>clearly trending downwards from 1020 level.
------>> Now price is near to key level of support ,previous resistance acts as a support and price moved to upwards again.
now broken the support means wants to test the demand zone created @900-910 levels.
-------->> we have clear demand zone placed at 900-910 level, if price breaks support it will...
---->>clearly trending downwards from 1020 level.
------>> Now price is key level of support ,previous resistance acts as a support and price moved to upwards again.
-------->> now price is again at the same level, now we have to see it will continue in the same direction of downtrend or it will change its direction from bearish to bullish. keep look at this...
SUNPHARMA Observations:
-----> Bears Exhaustion gap at support is observed.
------> Bulls taken the control again.
------->Trendline broken, retest is needed to be bullish again.
-------->Expected to be bullish again. If breaks 955-940 zone below will go for selling. Further price action is to be observe before short.
I am expecting a pullback on NSE:SUNPHARMA from current levels.
It will be best to take entry at level of 1004 with strict stop loss of 982.
My targets will be 1018, 1028 & 1035.
Note: This is my personal analysis, only for learning. Thanks.
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Disclaimer!
This post does not...
This is how a setup should look like, not saying it's perfect not saying I know it all, but that's what's it about you don't actually know know you always speculate and the thing is you will never know what's next in the market you just need to have view of both sides and make your setup for what looks better to you.
