EquityPandit’s Outlook for Sun Pharma for the week  (Aug 06, 2018 – Aug 10, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that minor support for the stock lies in the zone of 550 to 555. 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. During the week the stock manages to hit a low of 552 and close the week around the levels of 586.

Minor support for the stock lies in the zone of 565 to 570. 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.

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 550 – 560 on lower side & 600 – 610 on upper side.