EquityPandit’s Outlook for Sun Pharma for the week  (May 07, 2018 – May 11, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 1.10%.

As we have mentioned last week, that support for the stock lies in the zone of 515 to 520 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500 where the stock has taken multiple support in the month of November-2017 and December-2017. During the week the stock manages to hit a low of 510 and close the week around the levels of 518.

Support for the stock lies in the zone of 515 to 520 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500 where the stock has taken multiple support in the month of November-2017 and December-2017.

Resistance for the stock lies in the zone of 525 to 530 where long term moving averages and break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 550 to 560 from where the stock has broken down from January-2018 low.

Broad range for the stock in the coming week can be 490 – 495 on lower side & 540 – 545 on upper side.