EquityPandit’s Outlook for Sun Pharma for the week  (Aug 20, 2018 – Aug 24, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 12.50%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 633 and close the week around the levels of 623.

Support for the stock lies in the zone of 600 to 605 from where the stock broke out of the highs formed in the month of January-2018 and February-2018. If the stock manages to close below these levels then the stock can drift to the levels of 575 to 580 where break out levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 645 to 650 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 675 to 680.

Broad range for the stock in the coming week can be 590 – 600 on lower side & 650 – 660 on upper side.