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Business News›Markets›Stocks›News›Stock Radar: 50% rally in 1 year! This pharma stock hit a fresh record high this week; what should investors do?
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Synopsis
The pharma major declined after reaching a high of Rs 1,638 on April 5, 2024. It found support above the 200-day EMA on the daily charts and the 40-week EMA on the weekly charts. Bouncing back from this support, the stock broke out from its April swing high and reached a new record above 1,700. The Sensex stock hit a record high of Rs 1,758 on August 5, 2024.
Sun Pharma has rallied over 50% in the last one year, but the stock has remained range-bound since April 2024. It has bounced back after testing 40 weeks’ exponential moving average on the weekly charts.The bounce back from 40 weeks' EMA pushed the stock to breakout from the April 2024 swing high of Rs 1,638 in the last week of July 2024.Short-term traders can look to put in fresh money for a target of Rs 1,900 in the next 3-4 weeks while
BY
Ksh*tij Anand
ETMarkets.com
3 mins read, Last Updated:
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