EquityPandit’s Outlook for Sun Pharma for the week (August 01, 2016 – August 05, 2016):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 5.50%.

As we have mentioned last week that minor support for the stock lies in the zone of 775. Support for the stock lies in the zone of 760 to 765 where the stock has broken out of the short term top. If the stock manages to close below these levels then the stock can drift to the levels of 730 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 787 and close the week around the levels of 830.

Support for the stock lies in the zone of 795 to 805 where medium term and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 760 where the stock has made a short term bottom.

Resistance for the stock lies in the zone of 850 to 855 where medium term weekly moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 900 from where the stock has sold off in the month of Feb – 2016.

Broad range for the stock in the coming week can be 790 – 800 on lower side to 850 – 855 on upper side.