'Avoid Sun Pharma for now, wait for dips'

In a chat with ET Now, Mithil Pradhan, Market Analyst, talks about the outlook of Sun Pharma.

Sun Pharma is now giving up about 1.5%. Would you use this as an opportunity to buy or stay on the side with a hold?

Sun Pharma is in a tricky position right now. Of course, the stock belongs to the structurally strong growth, that is a pharma growth. Ideally, I like this growth. The daily chart has a sell signal, which should ideally take the stock towards Rs 1,450 levels. Once this happens, I will look forward to going long on this stock because the weekly chart is asking me to buy on lower levels. So, avoid this stock now, do not go long, look for a lower level of about Rs 1,450 odd something and then keep a stop loss of Rs 1,400 and go long.