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Analysts say positional traders should book profits after the breathtaking rally. Technical data shows the MACD was above its center and Signal Line, which is a bullish indicator. However, the RSI was at 80.4, indicating that it could be in an overbought zone and the stock may show some pullback.

Sun Pharmaceutical Industries Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 213024.96 Crore) operating in Pharmaceuticals sector.

The global investment bank is of the view that private sector banks are likely to report a strong 20 per cent EPS CAGR for the next three years. Financials sector is more attractive relative to other sectors, it said.

Santosh Meena, Head of Research, Swastika Investmart, believes that the company deserves a higher premium multiple due to its phenomenal growth prospects. "Those who applied for listing gains can maintain a stop loss of Rs 225. New investors can buy for the long term and existing investors are recommended to stay invested in the company," Meena said.

The company has reserved 75 per cent of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get a 15 per cent allocation. Retail bidders will get only a 10 per cent allocation.

To summarise, I do believe that simple, cost-efficient, and disciplined investments are the best and the only way to sustained wealth preservation and creation and investor treading any other path often leads to investment accidents and loss of capital.

Powell will address an annual symposium of global central bankers in Wyoming later on Friday, and is expected to signal that the Fed is not yet ready to end steep rate hikes to quell inflation.

“Incremental buying now is getting more towards midcaps because of the valuations. The large banks are all trading north of two-two and a half times book and the midcap banks are anywhere around one and below one. So there is a decent valuation gap between the two and that is the reason incremental buying is happening more in mid-sized private banks.”

On the technical charts, the RSI of the stock stood at 56.17.

Vijayakumar said more important will be the trends in the economy like the employment numbers. "On this front there is optimism like the latest US unemployment claims which have come lower than expectations. This indicates a tight labor market and strong economy. In brief, the possibility of a soft landing for the US economy is increasing. This is good news for the market," he said.