Stock query: Suven Pharmaceuticals on short-term downtrend

#BLAnswers | What are the prospects for the medium and the long term for Suven Pharmaceuticals?

Stock query: Suven Pharmaceuticals on short-term downtrend Photo

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Suven Pharmaceuticals (₹332.3): After getting listed in early March this year, the stock of Suven Pharmaceuticals witnessed a downmove and recorded a fresh low at ₹87 (adjusted) in late March.

It now tests a crucial support at ₹320. A decline below this base can pull the stock down to ₹295 and then to ₹280 over the short term. Further plunge below ₹280 can drag the stock down to ₹240.

On the upside, a strong breakthrough above the immediate resistance level of ₹360 can reinforce the uptrend and take the stock northwards to ₹380 and then to ₹400 in the medium term.

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