Sunpharma is looking to find its form back......

   

Sunpharma is looking to find its batting form once again after being battered and bruised for a long time.

Technical chart indicate improvements in stocks as RSI of 61.93 and increasing indicate that a  positive trend is near the corner and we may see Sunpharma back in the game and we may soon see stock in overbought zone among st volatile market.

MACD of positive 4.46 also indicate that buyers may me finding confidence in stock and accumulating or averaging  the stock to get fruitful position back in their holding of the same stock.

Immediate hurdle at 450.

If immediate resistance of 450 is positively breached and sustained for consecutive weeks then we may see stock forming new short term yearly highs and may test 520--540 levels if the trend continue to be the same.

200 DMA of 430 is also important level which needs to be sustained in short term before any long buildup could start but all indicators suggest a positive short term story among volatile market and improving management commentary and good quarterly numbers.

Immediate support at 416--398.

For any short position a stop loss of 416 should be maintained.For long term position 398 should act as a pivot for bulls as below 398 we may see more downside panic if the mentioned level is not sustained.

MORE WILL UPDATE SOON!!