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Technical Positional Pick - Buy Sun Pharma Advanced Research Company Ltd For Target Rs. 345 - HDFC Securities 

TECHNICAL OBSERVATIONS

SPARC recently broke out of the 160-211 16 month trading range on the back of huge volumes.

The stock then moved further up and consolidated in a range between the 216-248 levels

Today, the stock broke out of that range on the back of huge volumes. This augurs well for the uptrend to continue.

Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Momentum readings like the 14-day RSI too have started climbing, which is a positive signal for the coming sessions.

With the intermediate and long term technical setups too looking positive, we expect the stock to gradually move higher in the coming weeks and therefore recommend a buy.

Our entry levels with stop loss and targets have been mentioned above.

Buy Sun Pharma Advanced Research Company Ltd Up to 1-3 Months @ Buying Range 249-254 CMP 251.75 TGT 345 SL 222

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