EquityPandit’s Outlook for Sun Pharma for the week  (May 14, 2018 – May 18, 2018) : 

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 8.90%.

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 468 and close the week around the levels of 472.

The stock has witness a major break down. Support for the stock lies in the zone of 460 to 465 where the stock has taken support in the month of September-2017. If the stock manages to close below these levels then the stock can drift to the levels of 430 to 435 where the stock has formed a bottom in the month of August-2017.

Resistance for the stock lies in the zone of 490 to 495 from where the stock broke down from triple bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 505 to 510 from where the stock broke down from April-2018 low.

Broad range for the stock in the coming week can be 450 – 455 on lower side & 490 – 495 on upper side.