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Investors with a short-term perspective can consider selling the stock of Sun Pharma Advanced Research Company at current levels. Following a sharp rally between late January and early March, the stock reversed direction marking an all-time high at ₹598. Since then, the stock has been on an intermediate-term downtrend. However, ₹365 — a key support, and 200-day moving average were providing a base for the stock.
On Monday, it broke through these levels by tumbling 5 per cent. This fall has strengthened the short-term downtrend. The daily relative strength index now features in the bearish zone while the weekly RSI is on the brink of entering it. Both the daily and weekly price rate of change indicators are hovering in the negative territory implying selling interest. The stock can extend its downtrend and reach the price target of ₹334 and ₹327. Sell the stock with a stop-loss at ₹356.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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