EquityPandit’s Outlook for Sun Pharma for week (July 20, 2015 – July 24, 2015):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 5%.

As we have mentioned last week that the stock is approaching towards the upward sloping trend-line resistance positioned around the levels of 920. Above the levels of 920 the stock can move to the levels of 960 where 100 Daily SMA is lying and the stock hit a high of 957 on 17/07/2015 before retracing back to the levels of 947.

The stock has formed a Shooting Star pattern on daily charts around the strong resistance zone of 960 levels in an uptrend indicating the trend reversal. Also the stock has virtually filled the gap which was created when the stock opened gap down on 01/06/2015.

If the stock manages to close above the levels of 960, the stock can move to the levels of 980 to 1000 in short span.

Support for the stock is seen in the zone of 900 to 920 where short term moving averages are positioned.

Broad range for the stock in the coming week can be 880 – 900 on lower side to 980 – 1000 on upper side.