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The stock of Sun Pharma Advanced Research Company (SPARC) fell 3.6 per cent on Wednesday on encountering a key resistance at around ₹333.
Since registering an all-time high at ₹593 in March 2015, the stock has been trending down. In early August, the stock tested a significant long-term resistance at ₹400 and resumed its downtrend. Both medium- as well as short-term trends are down for the stock. Recently, a key short-term resistance at around ₹333 limited the upside for the stock. The weekly price rate of change indicator and the moving average convergence divergence are featuring in the negative territory backing the stock’s medium-term downtrend. The medium-term downtrend is intact and the stock can extend its slide in the forthcoming trading sessions.
Traders with a short-term perspective can consider selling the stock with a stop-loss at ₹322. Short-term targets are ₹307 and ₹298.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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