EquityPandit’s Outlook for Sun Pharma for the week  (Oct 15, 2018 – Oct 19, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 1.30%.

As we have mentioned last week, that minor resistance for the stock lies around 615 to 620. Resistance for the stock lies in the zone of 640 to 650 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 670 to 680 where high for the month of September-2018 is lying. During the week the stock manages to hit a high of 620 and close the week around the levels of 591.

Support for the stock lies in the zone of 585 to 590 from where the stock broke out of the highs formed in the month of June-2018 & August-2018 and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 560 to 570 where Fibonacci levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 615 to 620 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 640 to 650 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 560 – 570 on lower side & 620 – 630 on upper side.