Sun Pharma may rise 30-40%

Gaurav Bissa of LKP Securities told CNBC-TV18, " Sun Pharmaceutical Industries has done quite well. If you look at long-term charts you would see that it is in a multi-year bull run. So, I don’t think that it is a good level to exit. It has a tendency of moving in a range and giving a breakout. The last breakout we saw at around Rs 1000 levels, it has given 6-7 percent return already."

"Again a small consolidation followed by this breakout has again been seen in the stock. So, I suppose the stock is in the uptrend, rather it is a buy on dips candidate for those who has not got into the stock. It is a quality name, going ahead I expect in three years it can move by another 30-35 percent; that would be the minimum price and I would be looking at it," he said.

"If you look at the current scenario even when the Nifty is trading on a weaker note, pharma space as a whole looks quite robust. So, this is one of the quality names, it is a buy on dips candidate and if somebody has the stock I recommend holding on the stock for targets of at least 30-40 percent from these levels."

Read more at: https://www.moneycontrol.com/news/stocks-views/hold-sun-pharma-may-rise-30-40-gaurav-bissa_1334783.html?utm_source=ref_article