Stock name: Sun Pharma

Pattern: Retest of the breakout

Time frame: Daily

Observation:

The stock has been in a consolidation since May 2022 and had recently broken out the same in the form of a Cup and Handle pattern and has now come to retest the said breakout. If some good price action is seen in the form of a bounce form the breakout point, then we may see continuation of up move in this stock.

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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) Net inflows into Equity-oriented mutual fund schemes dropped 76% month-on-month to Rs. 2,258.35 crores in November 2022 from Rs. 9,390.35 crores in October 2022, according to the monthly data released by the Association of Mutual Funds in India (AMFI).

2) Ministry of Heavy Industries stated that Under phase-II of FAME-India Scheme, Rs. 1000 Cr. is allocated for the development of charging infrastructure. The Ministry has sanctioned 2,877 electric vehicle charging stations in 68 cities across 25 states/UTs. Further, 1576 charging stations across 9 Expressways and 16 Highways under phase-II of FAME India Scheme has also been sanctioned.

3) Paytm parent One97 Communications yesterday said the board has approved buyback of shares worth up to Rs. 850 crores through the open market. The shares will be bought back at a maximum price of Rs. 810 a share, it said in a release. The indicative maximum number of shares that will be bought back is 1,04,93,827 shares, representing about 1.62% of the paid-up share capital of the company.