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K Seshadri
August 17: Sun Pharma is vulnerable and would therefore become a target for booking profit and perhaps even short selling. The scrip had taken off from an established price line of Rs 296 and raced up to post a high of Rs 333. The market's reaction to the Rouble devaluation has brought it down to Rs 316.
Those who are in profit should still consider booking profit. This is because technically the scrip can come down to Rs 296, if the bear pressure persists. This is also confirmed by the daily stochastic indicator is kissing its trigger on the down direction. But you might as well gain by trying to sell at a price higher than Rs 316, should the market recover briefly tomorrow. Rs 309 seems to be the level the scrip could come down at the first stroke; it may further go down to Rs 296. Cover your position as Sun has started rising recently with volume, which shows a combination of investment and speculation. August 17: Sun Pharma is vulnerable and would therefore become a target for booking profit and perhaps even short selling. The scrip had taken off from an established price line of Rs 296 and raced up to post a high of Rs 333. The market's reaction to the Rouble devaluation has brought it down to Rs 316.
Those who are in profit should still consider booking profit. This is because technically the scrip can come down to Rs 296, if the bear pressure persists. This is also confirmed by the daily stochastic indicator is kissing its trigger on the down direction. But you might as well gain by trying to sell at a price higher than Rs 316, should the market recover briefly tomorrow. Rs 309 seems to be the level the scrip could come down at the first stroke; it may further go down to Rs 296. Cover your position as Sun has started rising recently with volume, which shows a combination of investment and speculation.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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