Sun Pharmaceutical Industries Limited (SUNPHARMA) Stock - Complete Technical Analysis - Nov 07, 2024

Sun Pharma Stock Analysis: Is it Time to Buy or Sell Technical Insights & Key Levels

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. Sun Pharmaceutical Industries Limited (SUNPHARMA) is currently trading at 1,790.95, a significant drop of 8.64% from its 52-week high. The stock is up 56.2% from its 52-week low, which shows long-term strength. However, technical indicators are painting a bearish picture. The Bearish Engulfing pattern suggests a continuation of the downside in the short term. The stock has recently declined from its previous close of 1,827.45 and hit a low of 1,778.8 today.

The ADX is moderately high at 28.39, suggesting that the trend is strong but could soon lose momentum. The RSI, currently at 37.24, is approaching oversold territory, hinting at a potential short-term rebound. The MACD shows negative momentum, reinforcing a bearish outlook. The stock's ATR indicates high volatility, and recent price swings suggest significant potential for movement in either direction. The support level at 1,778.8 and 1,741.47 suggests the stock may find some floor, but resistance at 1,827.45 and 1,864.95 will be key for any potential upside. For traders, it's essential to wait for a clear break from these levels before making any significant moves.