EquityPandit’s Outlook for Sun Pharma for the week (July 11, 2016 – July 15, 2016):

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 1.90%.

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 785 and close the week around the levels of 777.

Support for the stock lies in the zone of 760 to 765 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 730 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 793 to 800 where the stock has opened gap down on 31/05/2016 and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 812 to 818 where long term moving averages are lying.

Broad range for the stock in the coming week can be 750 – 755 on lower side to 795 – 800 on upper side.