Shares of Sun Pharma Ltd today saw over 4% increase in value during intra-day session. This uptrend movement during today’s session was caused post announcement made by the company on receiving approval from USFDA for its version of Esomeprazole Magnesium which is sold by Astra Zeneca under the brand Nexium. The scrip reached an intra-day high of 539.30 in NSE and closed for the day at 536 with 4.04% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 57 to 74 as the signal line moves well inside overbought region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 491.09 and 556.15 respectively.