EquityPandit’s Outlook for Sun Pharma for the week (June 06, 2016 – June 10, 2016):

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 10.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 830 to 840 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 850 to 860. During the week the stock manages to hit a high of 842 and close the week around the levels of 737.

Support for the stock lies in the zone of 700 from where the stock has bounced in the month of Nov – 2015. If the stock manages to close below these levels then the stock can drift to the levels of 650 to 660 from where the stock has broken out in the month of June – 2014.

Resistance for the stock lies in the zone of 765 to 770 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 800 where short term moving averages are lying.

Broad range for the stock in the coming week can be 700 – 710 on lower side to 765 – 770 on upper side.