Sun-pharma- One week back i have indicated that sun pharma is on the verge of a break of 15 years trend line and now it seems to have decisively broken the same. As the trend line is for very long term we can expect a bigger correction which has not be anticipated. Another point to be noted is that at the top the pattern formation is also bearish. it seems to be clearly forming H&S pattern over last one year and is on verge of breaking the neck line. The neck line is around 800 levels, so if 800 is breached decisively then H&S pattern implication give a target of around 450 levels will it go there only market would tell. It seems that the long term uptrend seems to be over in sun pharma and it is not going to be a bull market in it.

Mahiidar M

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Trend is Friend.