EquityPandit’s Outlook for Sun Pharma for the week (October 05, 2015 – October 09, 2015):

SUN PHARMA:

SUN PHARMA closed the week on absolutely flat note.

As we have mentioned last week that support for the stock lies in the zone of 860 to 880 where 100 Daily SMA and long term support trend-line are positioned. If the stock moves below this levels then the stock can drift to the levels of 810 where long term support for the stock is lying. During the week the stock manages to hit a low of 840 and bounce back to close the week around the levels of 891 above the levels of 880 where 100 Daily SMA is positioned.

Resistance for the stock lies in the range of 910 to 920 where 200 Daily SMA is positioned. If the stock manages to close above the levels of 920 the stock can move to the levels of 960 from where the stock has retraced couple of times in last 3 months.

Support for the stock lies in the range of 860 to 880 where 100 Daily SMA and long term trend-line support for the stock is lying. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 830.

The stock has formed a Hammer pattern on weekly charts in a downtrend indicating the trend reversal.

Broad range for the stock in the coming week can be 860 – 880 on lower side to 930 – 940 on upper side.