Based on the daily time frame, Sun Pharma is currently at a critical support zone, which makes it an important area to watch for traders. During today's trading session, Sun Pharma took resistance from its 200-day exponential moving average (EMA) and has since broken below this level on the daily time frame.
For traders who are looking for a short opportunity in the pharma sector, they can consider shorting Sun Pharma if the price breaks down further below this crucial support zone. This could potentially lead to a short-term bearish trend for Sun Pharma.
However, traders should also keep in mind that if the price manages to find support at this crucial level, it could present a buying opportunity for a swing trade. In this scenario, traders could potentially go long on Sun Pharma with a view of capturing a bullish move as the price bounces back from this support zone.
