EquityPandit’s Outlook for Sun Pharma for the week  (Aug 13, 2018 – Aug 17, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 5.40%.

As we have mentioned last week, that resistance for the stock lies in the zone of 585 to 590 where the stock has formed a double top pattern in the month of June-2018 and July-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. During the week the stock manages to hit a high of 593 and close the week around the levels of 554.

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.

Minor resistance for the stock lies in the zone of 565 to 570. Resistance for the stock lies in the zone of 585 to 590 where the stock has formed a double top pattern in the month of June-2018 and July-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 & 580 – 590 on upper side.