Sun Pharma Advanced Research Company Limited (SPARC) Stock - Complete Technical Analysis - Sep 20, 2024

Sun Pharma Advanced Research: Is a Reversal Coming Technical Analysis

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Welcome to today's technical analysis of Sun Pharma Advanced Research Company Limited, or SPARC, currently trading at 218. The stock has shown a significant decline, trading approximately 53.8% below its 52-week high of 472.8, while being 11.38% above its 52-week low of 196.1.

Examining the indicators, the Average Directional Index (ADX) indicates a weak trend, suggesting that traders should proceed with caution. The Relative Strength Index (RSI) is hovering around the mid-42 level, signaling the stock is nearing oversold territory, which might present a potential buying opportunity if momentum shifts.

The MACD is currently negative, indicating bearish sentiment. However, with a Stochastic %K below 20, there's a possibility of a rebound if buyers step in. The Awesome Oscillator is showing a slight bearish trend, further confirming the current downtrend.

In terms of moving averages, the stock is trading below both the short and long-term exponential and simple moving averages, indicating a bearish outlook. Notably, the Hull Moving Average shows potential support near 217.83, while the Classic Pivot Support level stands at 206.62.

Overall, while SPARC is currently under pressure, a watchful eye on the RSI and Stochastic indicators could present an entry point for traders looking for a reversal. Keep an eye on any breakouts above 222, which could signal a bullish shift.