Sun Pharma | Box Breakout | Latest stock market news(3 minutes read)

Stock name: Sun Pharma

Pattern: Box Breakout

Time frame: Daily

Observation:
The stock has been in an uptrend since March 2020 lows and is currently consolidating in a range near the highs. The other stocks from various sectors are down-trending but Sun Pharma and rest of Pharma sector is either bottoming out / standing strong.

If Sun Pharma stays above the level of 950, then we can see more up-move in this stock. Once the stock breaks out of such a box pattern, the stock travels the distance equal to the range of the box, distance being taken from the breakout point.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q2 numbers update - Bandhan Bank - Provisional Unaudited numbers:
Bandhan Bank on Saturday reported a 22% jump in loans and advances at Rs. 99,374 crores at end of the September quarter on a YoY basis.

Total deposits rose by 21% to Rs. 99,365 crores.

CASA ratio was at 40.8%, up 11% YoY.

2) The RBI has released a concept note on the Central Bank Digital Currency (CBDC) today. The CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country’s unique requirements. This Concept Note explains the objectives, choices, benefits and risks of issuing a CBDC in India, referred to as e₹ (digital Rupee).

3) Delta Corp., Choksi Imaging, GM Breweries, Guj Hotels, Supreme Infra, Trident Texofab are the companies which will post their results tomorrow.