SUN PHARMA- correction due !!

The Nifty opened in huge gap but it did recover some lost ground in the last half hour. Incidentally, my target given in ITG group of 5050 was touched today.

One stock which has been recently hammered due to litigation against it by other pharma companies , is SUN PHARMA.



After falling from a level of 1850/- to near Rs 1500, we may presume that it is now over sold and is very near to a support level of Rs 1500. A corrective bounce back is likely towards Rs 1650/1700 levels.

One may consider buying it above Rs 1555 with stop placed at Rs 1500 for a target at Rs 1650 - 1700

As for other frontline stocks, the overall trend is down, hence use upmoves to exit longs if still holding.

Happy trading !

CA Rajiv D Khatlawala
www.investogyan.com