EquityPandit’s Outlook for Sun Pharma for the week  (Nov 19, 2018 – Nov 23, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 12.90%.

As we have mentioned last week, that support for the stock lies in the zone of 580 to 585 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 555 to 560 where Fibonacci levels and long term moving averages are lying. During the week the stock manages to hit a low of 508 and close the week around the levels of 520.

Support for the stock lies in the zone of 500 to 510 from where the stock broke out of May-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 470 where long term Fibonacci levels and low for the month of June-2018 is lying.

Minor resistance for the stock lies in the zone of 530 to 535. Resistance 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 above these levels then the stock can move to the levels of 580 to 585 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the stock in the coming week can be 480 – 490 on lower side & 550 – 560 on upper side.