Sun Pharmaceutical hits over 2-month low; further downside seen - technicals

Last Updated: Fri, Apr 21, 2017 11:50 hrs
An employee speaks on phone as he walks out of research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai

Shares of India's largest drug maker Sun Pharmaceutical Ltd fall as much as 2.58 pct to 639 rupees, to their lowest since Feb 16.

Stock's 20-day Exponential Moving Average (EMA) falls below its 50-day EMA, seen bearish for the stock.

Trend Intensity indicator (TI) rises to 15 indicating start of a new downtrend. MACD is also negative and below its signal line.

Stock broke below the support from its senkou span B line of its Ichimoku Cloud on Thursday, seen negative for the stock.

As of Thursday's close, stock down 20.83 pct in the past one year, compared with 15.44 pct gain in the NSE index.

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