Nifty View
Nifty has been maintaining its choppy trend, where it has remained in the range of 10,600-10,800 for last many sessions. Nifty has to surpass the resistance of 10,800 on closing basis to get clear cut bullish setup. On the downside 10,550-10,600 is a strong support zone for Nifty.
Buy Sun Pharma
CMP: Rs 574
Target: Rs 610
Stop loss: Rs 555
Pharma sector has remained in the focus in the June Month and many stocks from the sector have formed trend reversal patterns on the charts. Sunpharma remained the leader from the space with price appreciation during the month with rising volumes. For last couple of weeks, stock went in to a consolidation, which could be a small pause after upward swing seen during previous month. Recent consolidation should be utilized to accumulate the stock. Oscillator setup has also turned bullish. We recommend Buying Sunpharma for the upside target of 610, keeping SL at 555.
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