Weekly chart of Sun Pharma Advance Research Company Ltd.

2023년 11월 27일

Fundamental Analysis:
Market Cap: ₹8861 crore
Current Market Price (CMP): ₹273.05
52-Week High: ₹278.85 | 52-Week Low: ₹162.10
PE Ratio: -34.94 (Low PE) | PB Ratio: 15.19 (average PB)

Technical Analysis:
Cup and handle pattern forming near neckline for breakout in the weekly frame.
Target: ₹312, ₹360 | Stop-loss: ₹230, ₹209.70
Recent breakout from upper Bollinger Band.

Note:
Exercise caution, wait for a confirmed breakout from the cup and handle pattern.
In case of pattern failure, consider buying below ₹240-230 levels.

Psychology of Cup and Handle pattern
Cup Formation:
Prices gradually decline in a "U" shape, wearing out speculators.
Volume decreases on the left side of the cup.

Accumulation Phase:
Institutional and strong hands see value, leading to increased volume as they accumulate the stock.

Resistance at Lip:
Prices encounter resistance at the level of the left side of the cup (lip).
Traders sell, forming the handle of the pattern.

Handle Formation:
Traders attempt to reach the resistance area, creating a handle.
Breakout Scenario:
Successful breakout if prices surpass the resistance area.
Indicates the end of a multi-month consolidation and the potential for continued upward movement.

Bearish Scenario:
If prices fail to break out, establishes a solid resistance area, indicating a bearish outlook for the chart.

Conduct thorough research before making any buying, selling, or holding decisions.
Disclaimer:
This analysis is for informational purposes only and not a recommendation for buying or selling. Financial decisions should be made after careful consideration and research. The market is subject to risks, and past performance is not indicative of future results.