Sunpharma path ahead with 2 powerful indicators you cannot miss!
Dec 23, 2024
Elliott wave helps to understand the overall maturity of the trend and if the rise is sustainable or not.
Following research is picked up from Vayu Momentum short term update dated on 20th December 2024 which our subscribers receive daily before market opens.
Sunpharma Daily chart with Elliott wave 
Pharma sector since 18th December outshined all of the sectors with major Pharma stocks like Cipla, Dr. Reddy’s and Lupin extending their gains. However, Sun Pharma is currently trading in a range of 1775 levels to 1835 levels. The stock is on the verge of a breakout, a break above 1835 levels can suggest fresh buying to emerge. Prices are about to give a breakout of the upper Bollinger Bands®. Also, KST is trading near its zero line after a crossover suggesting that good momentum is likely to build up in this stock.
Stock is following classic Elliott wave Theory. The entire rise from May 2023 is in form of primary wave (3). Wherein, currently internal wave 2 looks to have completed on the downside. A break above 1835 levels will confirm the completion of wave 2 on the downside and then the rise will be in form of wave 3.
In short, overall positive momentum is building up in Sunpharma. For now, a break above 1835 levels can lead to a rise towards 1900-1910 levels or higher. On the downside a break below 1775 is the crucial support
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