Sun Pharma breakout can take stock up 20%
The run-up in the stock price along with volume suggest a rally in the offing, said technical analysts.
Synopsis
Sun shares have risen 11.8 per cent in less than a month. The stock is well placed above its 20, 50, 100- and 200-day moving averages, suggesting a bullish trend. The run-up in the stock price along with volume suggest a rally in the offing, said technical analysts.
Mumbai: Sun Pharmaceuticals may be on the verge of a technical breakout that could drive the stock up by another 20 per cent in the near-term. With investors favouring defensives, such as technology and pharma, these days in the wake of the resurgent coronavirus, analysts expect the stock to cross a crucial hurdle of Rs 653. The stock, which attempted to cross this level on Tuesday, ended at Rs 643, up 0.4 per cent.