EquityPandit’s Outlook for Sun Pharma for the week (May 16, 2016 – May 20, 2016):

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 1.20%.

As we have mentioned last week that support for the stock lies in the zone of 800 to 810 where trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 770 where the stock has made a short term bottom. During the week the stock manages to hit a low of 792 and close the week around the levels of 795.

The stock has closed just below the support zone of 800 to 810 where trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 770 to 780 where the stock has made a short term bottom.

Resistance for the stock lies in the zone of 815 to 820 where short term moving averages & 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 830 where 200 & 500 Daily SMA is lying.

Broad range for the stock in the coming week can be 770 – 775 on lower side to 820 – 825 on upper side.