EquityPandit’s Outlook for Sun Pharma for the week (August 29, 2016 – September 02, 2016) :

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 3.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 795 to 800 where medium term and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 850 to 855 where medium term weekly moving averages are lying. During the week the stock manages to hit a high of 785 and close the week around the levels of 755.

Support for the stock lies in the 725 to 730 from where the stock has bounced in the month of June – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 705 to 710 where the stock has taken support couple of times in last 1 year.

Minor resistance for the stock lies in the zone of 777 to 780. Resistance for the stock lies in the zone of 790 to 800 where medium term and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 850 to 855 where medium term weekly moving averages are lying.

Broad range for the stock in the coming week can be 730 – 735 on lower side to 775 – 780 on upper side.