Shares of Sun Pharmaceutical Industries Ltd fell about 4 per cent to Rs 386, their lowest since May 16.
The stock broke below a support at Rs 394.83, the 23.6 per cent Fibonacci projection level of the downtrend from its April 1 high to May 13 low (wave 1).
The breakdown suggests the stock may test the next support at Rs 374.43, the 38.2 per cent projection level in the near term.
The trend intensity (TI) indicator has risen to 20, suggesting a downtrend for the stock. The MACD is negative and below its signal line.
The stock is down 6.6 per cent this year, as of the last close, while the broader NSE Index is up 9.8 per cent in the same period.