Chart Check: What's next for L&T and Sun Pharma as per technical charts

The buyback proposal announced by L&T for its shareholders was declined by Sebi on Saturday on concerns of ratio not being complying with the Companies Act and Sebi norms. On the other hand, Sun Pharma urged the markets regulator to examine the role of some media houses with respect to the reports of fresh whistleblower complaints.

Here's a look at what technical charts indicate for the two buzzing stocks - L&T and Sun Pharma:

L&T: The chart formation on the weekly scale of L&T indicates a consolidation phase for the stock. It trades in the horizontal range identifying upper levels /