Sun Pharmaceutical Industries Limited (SUNPHARMA) Stock - Complete Technical Analysis - Oct 14, 2024

Sun Pharma Technical Analysis: Will it Break Resistance or Face Reversal

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Today, Sun Pharmaceutical Industries Limited is trading at 1,909.75, showing resilience just below its recent 52-week high of 1,960.35, achieved on September 30, 2024. This reflects a significant rise of 78.76% from its 52-week low of 1,068.35 recorded on October 31, 2023.

Technical indicators suggest a mixed but generally bullish sentiment. The Average Directional Index (ADX) indicates a strong trend, while the Relative Strength Index (RSI) is hovering close to neutral territory, suggesting potential upward momentum. The stock formed an inside candle pattern on October 10, indicating indecision in the market, with trading confined within a range of 1,883.90 and 1,937.95 for the past three days.

Observing the last five trading sessions, we see a notable volatility pattern, especially with a sudden drop to 1,887.75 on October 10, before rebounding towards the current price. The most recent session on October 14 shows the stock opening at 1,903.00, with a slight upward movement during the day, peaking at 1,915.75 before settling down.

Support levels appear robust around the 1,895-1,900 range, while resistance remains strong at approximately 1,937.95. The MACD remains in bullish territory, and the Awesome Oscillator indicates a positive momentum shift. However, traders should watch for any signs of reversal, particularly if the stock begins to close below the 1,895 level, as this may signal a pullback.

In summary, while Sun Pharma has shown considerable strength recently, cautious traders should monitor for potential price reversals, particularly around key support and resistance levels.