Your Technical Portfolio Guide
SUN PHARMACEUTICAL INDUSTRIES LTD.
CMP: Rs859.55
BSE Code:524715
What’s the reason behind the drastic fall in Sun Pharma’s shares? What is its outlook for the long-term?
- Parmanand Kumar
AVOID THE STOCK FOR NOW
The company has announced an exceptional loss of Rs 2,277 crore in the March 2022 quarter.The market could not understand the reasons behind this and the stock witnessed selling pressure. The stock has broken two-year-long uptrend channel support during the week. The fundamental weakness is reflected in the price. It has already broken the prior low support as well as the 20-week moving average. The RSI shifts its range to the downside while the negative divergence gets the confirmation for bearish implications. The MACD is also in a bearish mode. The stock has broken the key supports. The next level of crucial support is Rs 820. In any case, if it closes below this, it can test Rs 640. Avoid the stock for now for a fresh purchase. Only a close above Rs 916 is positive.
BIOCON LTD.
CMP: Rs322.85
BSE Code:532523
Is Biocon good for the short term at CMP?
- Deep Warkade
THE STOCK IS IN A DOWNTREND. CONSIDER AVOIDING THE STOCK
The stock is in a clear downtrend as it formed lower tops and lower bottoms. It also broke the long upward channel and is trading below the key moving averages. Currently, it’s trading near the previous swing low of Rs 319. The current price does not have any relative strength. It is about 8 per cent below the 50-DMA and 11 per cent below the 200-DMA. None of the indicators show a positive sense. On the daily chart, it formed a pennant formation, which is a counter-trend consolidation pattern. A close below Rs 319 will be negative for the stock in the short term. Better avoid this stock for now.
PI INDUSTRIES LTD.
CMP: Rs2,700.85
BSE Code:523642
I have bought the shares of PI Industries at Rs 2,500. Should I book profit?
- Suresh Sharma
YOU CAN CONSIDER BOOKING YOUR PROFIT FULLY OR PARTIALLY
The stock has faced resistance near the 40-weekly moving averages several times. Even in the current week, it is declining from it. It is also trading below the key moving averages. It is about 7 per cent below the 200-DMA and 2.5 per cent below the 50-DMA. This week, it declined below the TEMA and traded at the Anchored VWAP support. The RSI is hovering around the zone of 50 while MACD is below the zero line thereby, showing weakness in the stock at the current levels. It also has poor relative price strength. Mansfield’s relative strength indicator is just hanging on the zero line. The Elder impulse system has formed a strong bearish bar today. Hence, it is better to book your profit fully or partially.
ZOMATO LTD.
CMP: Rs72
BSE Code:543320
I am holding the shares of Zomato at Rs 88. Is it a good point for sell-on-rise?
- Ajit Kapoor
BOOK A LOSS BELOW RS 70
The stock has declined about 66 per cent from its listing day highs. After falling below the four-month base, it sharply fell towards Rs 50 levels. You might have bought it at the recent basing period. The stock formed a shooting star on June 1 and got confirmation for bearish implications. It looks like the countertrend has ended. There is no technical strength in the stock. Book loss if it falls below Rs 70.