Sun Pharmaceuticals
CMP - 466.60

Wealth Bazaar has recommended a buy rating on the stock for a price target of 485 & 500 with a stoploss just below 442

Daily chart of Sun Pharma Industries futures is shown below:

Price - Price has breached the downward trending resistance trendline shown in the chart with a huge white candlestick(positive candle) in the last trading session.

Volumes - Above average volumes were confirms the breakout.

Retracement -Price has breached 61.8% retracement of the downswing shown in the chart below.

RSI - RSI has begin to move above 65 for the first time since the downtrend which commenced in February start in 2011.

Strategy - Buy Sun Pharma at cmp as well as on dips to 448 with a stop below 442 for targets of 485 and 500.

Article by: Mr. Mayank Gupta
Website: Wealthbazaar.in