EquityPandit’s Outlook for Sun Pharma for the week (December 05, 2016 – December 09, 2016) :

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 0.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 700 to 710 where trend-line joining lows of November-2015 and June-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730 from where the stock has broken down from the lows of September-2016 and October-2016. During the week the stock manages to hit a high of 731 and close the week around the levels of 720.

Minor support for the stock lies in the zone of 690 to 700. Support for the stock lies in the zone of 655 to 660 where the stock has taken multiple support on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 640 to 650 where the stock has formed a gap on 27/06/2014 and also the stock has broken out of the double top pattern formed in October – 2013 and February – 2014. It seems that the stock should hold these support zone.

Resistance for the stock lies in the zone of 700 to 710 where trend-line joining lows of November-2015 and June-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730 from where the stock has broken down from the lows of September-2016 and October-2016. If the stock manages to close above these levels then the stock can move to the levels of 750 to 755 from where the stock sold off in the month of October-2016.

Broad range for the stock in the coming week can be 680 – 690 on lower side to 740 – 745 on upper side.