Sun Pharma Opinion - Stock Talk with Nitin Bhatia #1 (Hindi)
- TitleSun Pharma Opinion - Stock Talk with Nitin Bhatia #1 (Hindi)
- UploaderNitin Bhatia
- DescriptionSun Pharma Opinion is based on the technical analysis. Recently, we observed a sharp correction in the sun pharma. Retail investors try to do bottom fishing in such stocks. In this video on stock talk, we will discuss what charts, tables, technical setup, option chain analysis are suggesting.
Recently, i mentioned that Doji has formed in the sun pharma. Doji is very powerful in price action strategy. The Doji formed after the consolidation period is more reliable compared to any other doji. Secondly, the trend of Sun Pharma was bearish as it was trading below the 40-day exponential moving average. The low delivery % also suggests that speculative positions are built. A speculative position needs to be closed, it cannot take stock in that particular direction too far.
Currently, sun pharma opinion based on the Fibonacci Retracement suggests that stock candle closed at the bottom of the Fibonacci. In past, the stock retraced from the same level and this time also this level is respected.
Option chain suggests that stock can reverse from the existing level based on implied volatility and premium decay. Also, you need to watch for the gap filling. The stock definitely moves to fill the gap.
Lastly, Sun Pharma has a high correlation with the movement of Nifty 50. Therefore, the index movement should support any up move.
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