EquityPandit’s Outlook for Sun Pharma for the week  (June 12, 2017 – June 16, 2017) :

SUN PHARMA:

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

As we have mentioned last week that the stock is in a freefall and no support zone is holding. Support for the stock lies in the zone of 492 to 495. If the stock manages to close below these levels then the stock can drift to the levels of 470 to 475. During the week the stock manages to hit a low of 503 and close the week around the levels of 525.

Minor support for the stock lies in the zone of 515 to 520. Support for the stock lies in the zone of 500 to 505. If the stock manages to close below these levels then the stock can drift to the levels of 470 to 475.

Resistance for the stock lies in the zone of 530 to 535 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 from where the stock has opened gap down.

The stock has taken support around the levels of 500 where declining trend-line joining lows of 704 (November-2015) and 572 (November-2016) is lying. If the stock manages to hold on to the support zone and sector sees some value buying then the stock can move to the levels of 600 to 630 where channel resistance for the stock is lying.

Broad range for the stock in the coming week can be 500 – 505 on lower side & 550 – 555 on upper side.