EquityPandit’s Outlook for Sun Pharma for the week (January 09, 2017 – January 13, 2017) :
SUN PHARMA closed the week on positive note gaining around 1.70%.
As we have mentioned last week that 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. During the week the stock manages to hit a high of 650 and close the week around the levels of 641.
Minor support for the stock lies in the zone of 625 to 630. 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.
Resistance for the stock lies in the zone of 655 to 660 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 670 to 675 from where the stock sold off on 15/12/2016.
Broad range for the stock in the coming week can be 620 – 625 on lower side to 655 – 660 on upper side.