EquityPandit’s Outlook for Sun Pharma for the week (December 26, 2016 – December 30, 2016) :
SUN PHARMA closed the week on negative note losing around 3.70%.
As we have mentioned last week that 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. If the stock manages to close below these levels then the stock can drift to the levels of 600. During the week the stock manages to hit a low of 608 and close the week around the levels of 623.
Support for the stock lies in the zone of 590 to 600. The stock is trading below all the major support levels and virtually no support is visible. The stock can drift to the levels of 540 to 550 where the stock has taken multiple support during December-2013 to March-2014.
Minor resistance for the stock lies in the zone of 635 to 640 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 650 to 660 from where the stock has broken down from the double bottom pattern.
Broad range for the stock in the coming week can be 600 – 605 on lower side to 650 – 655 on upper side.