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Bullish Breakout in SunPharma

Long
SUN PHARMACEUTICAL (NSE:SUNPHARMA)  
pradipandsuvra  
NSE:SUNPHARMA   SUN PHARMACEUTICAL
Parallel Channel Volume Trend Analysis sunpharmaanalysis indianstockmarket stocktowatchfor
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parallelchannel volumestudies trendanalysis sunpharmaanalysis indianstockmarket stocktowatchfor
Amid today's 333 points Nifty Selloff, the only Nifty stock gave a bullish engulfing breakout is SUNPHARMA .

Multi timeframe analysis gives various aspect to be bullish for at least 1:1 Risk-to-Reward target:

  1. In W chart, it's a clear breakout of a rounding bottom patten created over last 8 years (since 2015).
  2. During this course it breaks out convincingly the last all-time-high of 1200 around 2015 Q1.
  3. In D chart, it is trading in a nice up trend channel. Today's candle near-beakout of the upward channel's upper band.
  4. Very high volume in Daily chart
  5. And today's candle is an overwhelmingly convincing Bullish engulf patten.


Trade: BUY above 1405 for a 1500+ target. Keep a SL of 1310 (closing basis).
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