EquityPandit’s Outlook for Sun Pharma for the week  (June 18, 2018 – June 22, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 8.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 530 to 540 where high for the month of May-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 where high for the month of March-2018 is lying. During the week the stock manages to hit a high of 574 and close the week around the levels of 571.

Support for the stock lies in the zone of 530 to 540 where high for the month of May-2018 and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 515 to 520 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 575 to 580 from where the stock has broken down in the month of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 600 to 605 where the stock has formed a double top pattern in the month of January-2018 and February-2018.

Broad range for the stock in the coming week can be 530 – 540 on lower side & 600 – 610 on upper side.