EquityPandit’s Outlook for Sun Pharma for the week (May 29, 2017 – June 02, 2017) :
SUN PHARMA closed the week on negative note losing around 13.10%.
As we have mentioned last week that minor support for the stock lies in the zone of 640 to 645. Support for the stock lies in the zone of 610 to 620 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of around 570 to 575 where the stock has formed a bottom in the month of November-2016. During the week the stock manages to hit a low of 564 and close the week around the levels of 568.
The stock is in a freefall and no support zone is holding. Minor support for the stock lies in the zone of 545 to 550. Support for the stock lies in the zone of 520 to 525 where long term Fibonacci levels are lying.
Minor resistance for the stock lies in the zone of 575 to 580. Resistance for the stock lies in the zone of 585 to 590. If the stock manages to close above these levels then the stock can move to the levels of 605 to 610.
Broad range for the stock in the coming week can be 520 – 525 on lower side & 580 – 585 on upper side.