EquityPandit’s Outlook for Sun Pharma for the week (July 04, 2016 – July 08, 2016):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 1.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 765 to 770 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 780 to 790 where short & medium term moving averages are lying. During the week the stock manages to hit a high of 779 and close the week around the levels of 763.

Minor support for the stock lies in the zone of 755. Support for the stock lies in the zone of 730 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 700 to 710 where the stock has formed a medium term bottom.

Resistance for the stock lies in the zone of 765 to 770 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 780 to 790 where short & medium term moving averages are lying.

Broad range for the stock in the coming week can be 730 – 735 on lower side to 775 – 780 on upper side.