Sun Pharma has had a very significant down turn over the last few weeks after touching Rs. 677 on September 06, 2018 and is looking very weak going ahead on the technical charts.

We have a significant amount of stock in delivery and are hedging our portfolio by selling the January expiry 460 Call above Rs. 6.

We expect Sun Pharma to rise in the short term but will be less than Rs. 460 on the day of January series expiry.