Pritesh Mehta, Senior Technical Analyst at IIFL told CNBC-TV18, "It is not an opportunity to buy Sun Pharmaceutical Industries for short-term trading, but someone is willing to put money for at least couple of weeks, it could turnout be an ideal trade because we are talking about a stock which is available at reasonable price. In fact this stock is one of my favourite and it has gone through a bit of correction. This counter is up trending in nature, so every correction, every decline has to be brought into.
After the phase of correction the stock was into a period of consolidation for the month of December. Now on the daily chart, the stock is on the verge of breaking out from a rounding bottom pattern. So it tells us that the correction phase is over. So buy this stock," he said.
Disclosure: Analyst might have recommended above trading idea to his clients, but no personal holdings.
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