EquityPandit’s Outlook for Sun Pharma for the week (November 21, 2016 – November 25, 2016) :

SUN PHARMA:

SUN PHARMA closed the week on absolutely flat note.

As we have mentioned last week that resistance for the stock lies in the zone of 680 to 700 where the stock has opened gap down on 04/11/2016. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730. During the week the stock manages to hit a high of 706 and close the week around the levels of 689.

Minor support for the stock lies in the zone of 660. Support for the stock lies in the zone of 640 to 650 where the stock has formed a gap on 27/06/2014 and also the stock has broken out of the double top pattern formed in October – 2013 and February – 2014. It seems that the stock should hold these support zone. If the stock breaks below these support zone then the stock can further drift to the levels of 550 where the stock has formed a durable base in month of December – 2013 and March – 2014.

Resistance for the stock lies in the zone of 700 to 710 where trend-line joining lows of November-2015 and June-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 720 to 730 from where the stock has broken down from the lows of September-2016 and October-2016.

Broad range for the stock in the coming week can be 650 – 655 on lower side to 720 – 725 on upper side.