Sun Pharma: Sun Pharma breakout can take stock up 20%

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The run-up within the stock value together with quantity recommend a rally within the offing, mentioned technical analysts.

Synopsis

Sun shares have risen 11.8 per cent in lower than a month. The stock is nicely positioned above its 20, 50, 100- and 200-day shifting averages, suggesting a bullish pattern. The run-up within the stock value together with quantity recommend a rally within the offing, mentioned technical analysts.

Mumbai: Sun Pharmaceuticals could also be on the verge of a technical breakout that would drive the stock up by one other 20 per cent within the near-term. With traders favouring defensives, resembling know-how and pharma, as of late within the wake of the resurgent coronavirus, analysts anticipate the stock to cross an important hurdle of Rs 653. The stock, which tried to cross this stage on Tuesday, ended at Rs 643, up 0.4 per cent.

Technical analysts say

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