EquityPandit’s Outlook for Sun Pharma for the week  (May 15, 2017 – May 19, 2017) :

SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 4.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 640 to 642. Resistance for the stock lies in the zone of 650 to 655 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of around 665 to 670 from where the stock broke down. During the week the stock manages to hit a high of 657 and close the week around the levels of 655.

Minor support for the stock lies in the zone of 640 to 645. Support for the stock lies in the zone of 610 to 620 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of around 570 to 575 where the stock has formed a bottom in the month of November-2016.

Resistance for the stock lies in the zone of 650 to 655 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of around 665 to 670 from where the stock broke down.

Broad range for the stock in the coming week can be 630 – 635 on lower side & 675 – 680 on upper side.