EquityPandit’s Outlook for Sun Pharma for the week  (Oct 29, 2018 – Nov 02, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 9.20%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 617 and close the week around the levels of 554.

Support for the stock lies in the zone of 550 to 560 where Fibonacci levels 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 520 to 530 where Fibonacci levels and low for the month of July-2018 is lying.

Minor resistance for the stock lies around 570 to 575. Resistance 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 above these levels then the stock can move to the levels of 615 to 620 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock in the coming week can be 520 – 530 on lower side & 580 – 590 on upper side.