EquityPandit’s Outlook for Sun Pharma for the week (March 21, 2016 – March 23, 2016):
SUN PHARMA closed the week on negative note losing around 5.90%.
As we have mentioned last week that resistance for the stock lies in the zone of 880 to 900 from where the stock has sold off in the month of November – 2015. If the stock manages to close above this levels then the stock can move to the levels of 940 to 960. During the week the stock manages to hit a high of 877 and sold off to close the week around the levels of 817.
Stock has closed around the support zone of 810 to 820 where 100 & 500 Daily SMA is lying. Around 800 the stock has a trend-line support. If the stock manages to close below this levels then the stock can drift to the levels of 760.
Resistance for the stock lies in the zone of 835 to 840 where short term moving averages and 200 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 880.
Broad range for the stock in the coming week can be 790 – 800 on lower side to 840 – 850 on upper side.