EquityPandit’s Outlook for Sun Pharma for the week (November 23, 2015 – November 27, 2015):

SUN PHARMA:

SUN PHARMA closed the week on negative note losing around 2.0%.

As we have mentioned last week that resistance for the stock lies in the zone 770 where the stock has opened gap down. If the stock closes above the levels of 770 then the stock can move to the levels of 800 where 500 Daily & 100 Weekly SMA are positioned. During the week the stock manages to hit a high of 761 and sold off to close the week around the levels of 726.

The stock is facing stiff resistance around the levels of 750 and for the 2nd week the stock has closed below the levels of 750. The stock has formed a Inverted Hammer pattern in a strong downtrend indicating the exhaustion in selling pressure or trend reversal. Support for the stock lies in the zone of 724. If the stock closes below this levels then the stock can drift to the levels of 600 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone 770 where the stock has opened gap down. If the stock closes above the levels of 770 then the stock can move to the levels of 800 where 500 Daily & 100 Weekly SMA are positioned.

Broad range for the stock in the coming week can be 710 – 720 on lower side to 770 – 780 on upper side.