EquityPandit’s Outlook for Sun Pharma for the week (October 12, 2015 – October 16, 2015):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 1.7%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 934 and close the week around the levels of 906.

Resistance for the stock lies in the range of 920 to 930 where 200 Daily SMA is positioned. If the stock manages to close above the levels of 930 the stock can move to the levels of 960 from where the stock has corrected 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 Doji pattern on weekly charts indicating the indecision amongst the traders about the further direction of the stock.

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