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Investors with a short-term perspective and contrarian view can buy the stock of Sun Pharma Advanced Research Company (SPARC) at current levels. After a corrective up-move from the 52-week low of ₹107 recorded in early July this year, the stock encountered a key resistance at around ₹170 in late July. This significant resistance continued to cap the up-move until mid-September. The stock resumed the medium-term downtrend. But, the key medium-term support in the band between ₹107 and ₹113 arrested the stock’s fall last week.
The short-term outlook appears to be bullish for the stock. Targets are ₹135 and ₹138. Traders with a short-term perspective can buy the stock with a stop-loss at ₹126.5.
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