EquityPandit’s Outlook for Sun Pharma for the week (January 11, 2016 – January 15, 2016):

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 2.50%.

As we have mentioned last week that support for the stock lies in the zone of 790 to 800 where 500 Daily SMA, 100 Weekly SMA and trend-line support for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 750 to 760. During the week the stock manages to hit a low of 779 and close the week around the levels of 794.

Support for the stock lies in the zone of 750 to 760 where trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels 700 to 710 where the stock has formed a medium term bottom.

Resistance for the stock lies in the zone of 810 to 820 where 500 Daily SMA and 100 Weekly SMA are lying. If the stock closes above this levels then the stock can move to the levels of 840 to 850 where 100 Daily SMA is lying.

The stock has formed a Bearish engulfing pattern on weekly charts in an uptrend indicating the trend reversal.

Broad range for the stock in the coming week can be 760 – 770 on lower side to 840 – 850 on upper side.