EquityPandit’s Outlook for Sun Pharma for the week (December 19, 2016 – December 23, 2016) :

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 3.80%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 685 to 690. Resistance for the stock lies in the zone of 700 to 710 where trend-line joining lows of November-2015 and June-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730 from where the stock has broken down from the lows of September-2016 and October-2016. During the week the stock manages to hit a high of 693 and close the week around the levels of 648.

Support for the stock lies in the zone of 640 to 650 where the stock has formed a gap on 27/06/2014 and also the stock has broken out of the double top pattern formed in October – 2013 and February – 2014. If the stock manages to close below these levels then the stock can drift to the levels of 600.

Minor resistance for the stock lies in the zone of 655 to 660 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 700 to 710 where trend-line joining lows of November-2015 and June-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730 from where the stock has broken down from the lows of September-2016 and October-2016.

Broad range for the stock in the coming week can be 630 – 635 on lower side to 670 – 675 on upper side.