Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We are now recommending to go long on Sun Pharmaceutical. Although the stock has not done well in last couple of series but it is turning from the major support zone and also making attractive price pattern. We are witnessing some support based buying and the built up of long position that also indicates that momentum may extend to the counter. It has been consolidating in a range and has taken support near Rs 745-750 zone and the support might shift to Rs 760 on the higher side."
"The stock is taking hurdle near Rs 780-785 zone and above that I am expecting the next short covering rally towards Rs 800 kind of zone. So, it is a bounce back trade where we are recommending to buy with stop loss of Rs 760 for immediate target of Rs 800," he said.
