Bullish Breakout in SunPharma

23 בינו׳

Amid today's 333 points Nifty Selloff, the only Nifty stock gave a bullish engulfing breakout is SUNPHARMA .

Multi timeframe analysis gives various aspect to be bullish for at least 1:1 Risk-to-Reward target:

1. In W chart, it's a clear breakout of a rounding bottom patten created over last 8 years (since 2015).
   
2. During this course it breaks out convincingly the last all-time-high of 1200 around 2015 Q1.
   
3. In D chart, it is trading in a nice up trend channel. Today's candle near-beakout of the upward channel's upper band.
   
4. Very high volume in Daily chart
   
5. And today's candle is an overwhelmingly convincing Bullish engulf patten.
   

Trade: BUY above 1405 for a 1500+ target. Keep a SL of 1310 (closing basis).