EquityPandit’s Outlook for Sun Pharma for the week (November 07, 2016 – November 11, 2016) :
SUN PHARMA closed the week on negative note losing around 12.90%.
As we have mentioned last week that minor support for the stock lies in the zone of 730. Support for the stock lies in the zone of 700 to 710 from where the stock has bounced in the month of June – 2016 and November – 2015. If the stock manages to close below these levels then the stock can witness a major break down and can drift to the levels of 650. During the week the stock manages to hit a low of 647 and close the week around the levels of 652.
Support for the stock lies in the zone of 640 to 650 where the stock has formed a gap on 27/06/2014 and also the stock has broken out of the double top pattern formed in October – 2013 and February – 2014. It seems that the stock should hold these support zone. If the stock breaks below these support zone then the stock can further drift to the levels of 550 where the stock has formed a durable base in month of December – 2013 and March – 2014.
Resistance for the stock lies in the zone of 680 to 700 where the stock has opened gap down on 04/11/2016. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730.
Broad range for the stock in the coming week can be 630 – 635 on lower side to 680 – 685 on upper side.