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Sun Pharma Technical Setup suggests that the stock has formed a triple bottom on the price action and is currently trading near the neckline of the triple bottom pattern. Coincidentally, the neckline is also a strong resistance point of the stock.
The upside risk-reward ratio is currently not favorable and is less than 2:1. However, the downside risk-reward ratio is favorable i.e. 3:1. The Fibonacci Retracement technical analysis suggests that the sun pharma share price normally forms a TRIANGLE patterns and it’s most common retracement level is 100%.
The moving average analysis is bullish as the Sun Pharma is trading above its 40 period and 200 period exponential moving average. The option chain analysis is bearish and put writers are closing their positions. The price volume and delivery % analysis suggest that the price is increasing, the volume is decreasing and deliverable quantity is also decreasing. It seems the up move is speculative. Thus, the price-volume analysis suggests a bearish opinion.
The sun pharma is one of the best performing stock of a nifty pharma index. It has beaten the returns of its index both in short and longer time frame.
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