Buy in Glenmark Pharmaceuticals from a short-term perspective. It is apparent from the charts of Glenmark Pharmaceuticals that it has been trending up since its 52-week low of Rs 119 recorded on February 5. Since then, the stock has been forming higher peaks and higher troughs. However, the stock encountered resistance at Rs 267 in early June and witnessed a pullback to the support around Rs 200. The counter appears to have resumed its intermediate-term up-trend from this support. On June 24, the stock breached its 21-day moving average, surging 6.5 per cent with high volume. The stock’s intermediate-term up-trendline is intact and is still in place. Both daily and weekly relative strength index are rising in the neutral region towards the bullish zone. We are bullish on the stock from a short-term horizon. We expect the stock’s uptrend to continue until it hits our price target of Rs 260 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 223.source: BL
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