MTF Stock Pick Buy GlaxoSmithKline Pharmaceuticals Ltd For Target Rs. 1850 - HDFC Securities
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MTF Stock Pick Buy GlaxoSmithKline Pharmaceuticals Ltd For Target Rs. 1850 - HDFC Securities
TECHNICAL OBSERVATIONS
* The attached daily timeframe chart of GLAXO, which is making higher top higher bottom formation with higher volumes suggesting bullish indication for the stock.
* The stock has also breached above downward sloping trend line.
* We observe a formation of bullish pattern on daily and weekly time frame.
* The stock is trading above 21 EMA and crossed above its earlier intermediate high.
* Momentum oscillators like RSI and MACD are giving bullish indication suggesting bullish movement for the stock for few more weeks.
* The overall chart pattern of GLAXO indicates long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy GlaxoSmithKline Pharmaceuticals Ltd Up to 3 Months @ Add on dips 1580 CMP 1648.50 TGT 1850 SL 1548
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