EquityPandit’s Outlook for Sun Pharma for the week (August 24, 2015 – August 28, 2015):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining more than 4%.

As we have mentioned last week that the stock is approaching towards the strong resistance zone of 910 to 920 where 100 Daily SMA and 200 Daily SMA are positioned. Above the levels of 920 the stock can move to the levels of 950 from where the stock broke down on back of bad news. The stock hit a high of 966 levels and retraced back to close the week around the levels of 938. Around the levels of 960 the stock has formed a Double top pattern.

The stock has virtually filled the gap created when the stock opened gap down on 21/07/2015 due to bad news flow. If the stock manages to close above the levels of 960 the stock can move to the levels of 1030 where upward moving trend-line is positioned.

Support for the stock lies in the range of 900 to 910 where 100 & 200 Daily SMA are positioned. Below which the stock can drift to the levels of 860 from where the stock has broken out.

Resistance for the stock lies in the range of 960 to 970 above which the stock can move to the levels of 1000.

Broad range for the stock in the coming week can be 860 – 880 on lower side to 960 – 980 on upper side.