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The outlook for the stock of Sun Pharmaceutical Industries is bullish on Wednesday. The stock rose over 4 per cent breaking the sideways consolidation that was in place since August.
This surge indicates the resumption of the broader uptrend that has been in place since April last year. Supports are at ₹805 and ₹789. The downside is likely to be limited to ₹789 in case if the stock falls below ₹805 from here. The stock can rise to ₹860 in the coming days.
An intermediate pull-back from ₹860 to ₹820 or ₹810 cannot be ruled out. However, the broader trend will continue to remain up.
As such an eventual break above ₹860 will pave way for a fresh rise to ₹900 over the medium-term. Traders with a short-term perspective can go long at current levels and accumulate on dips at ₹805.
Stop-loss can be placed at ₹785 for the target of ₹860. Trail stop-loss up to ₹825 as soon as the stock moves up to ₹840. Move the stop-loss further up to ₹845 as soon as the stock moves up to ₹855.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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