EquityPandit’s Outlook for Sun Pharma for the week (January 02, 2017 – January 06, 2017) :

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 1.00%.

As we have mentioned last week that support for the stock lies in the zone of 590 to 600. The stock is trading below all the major support levels and virtually no support is visible. The stock can drift to the levels of 540 to 550 where the stock has taken multiple support during December-2013 to March-2014. During the week the stock manages to hit a low of 610 and close the week around the levels of 630.

Minor support for the stock lies in the zone of 615 to 620. Support for the stock lies in the zone of 590 to 600. The stock is trading below all the major support levels and virtually no support is visible. The stock can drift to the levels of 540 to 550 where the stock has taken multiple support during December-2013 to March-2014.

Minor resistance for the stock lies in the zone of 635 to 640 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 650 to 660 from where the stock has broken down from the double bottom pattern.

Broad range for the stock in the coming week can be 610 – 615 on lower side to 655 – 660 on upper side.