EquityPandit’s Outlook for Sun Pharma for the week (Dec 10, 2018 – Dec 14, 2018) :
SUN PHARMA closed the week on negative note losing around 16.70%.
As we have mentioned last week, that support for the stock lies in the zone of 460 to 470 where long term Fibonacci levels and low for the month of June-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 435 to 440 where low for the month of May-2018 is lying. During the week the stock manages to hit a low of 401 and close the week around the levels of 411.
The stock has seen a major break down and no support is visible. Support for the stock lies in the zone of 395 to 400. If the stock manages to close below these levels then the stock can drift to the levels of 360 to 365.
Resistance for the stock lies in the zone of 435 to 440 from where the stock has broken down from double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 460 to 465 where Fibonacci levels are lying.
Broad range for the stock in the coming week can be 380 – 390 on lower side & 430 – 440 on upper side.