Stock of the week - Glenmark pharmaceuticals Ltd For Target Rs.847 By GEPL Capital
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GLENMARK
Observation
* On the monthly chart, we can see that GLENMARK has been forming a higher high higher low pattern since April 2020.
* On the weekly time frame we can see that the stock moved out of 10 month consolidation on April 2021. Post which the prices can be seen moving higher since then.
* On the daily charts, we witnessed the stock is in rational uptrend since April 2020 and also the stock gives a shallow retracements after every up move which indicates strong positive undertone of the stock.
* On the indicator front, the RSI plotted on the weekly time frame is placed above the 50 mark and is currently moving towards the higher level, indicating that the bulls are in control of the trend. The ADX line plotted in the weekly time frame is placed above the 25 mark and is rising indicating strength in the uptrend.
* Going ahead the immediate resistance is placed at 728 (78.6% extension level of the rise from 163-573 projected from 405 and a multiple touch point level) followed by 816 (100% extension level of the rise from 163-573 projected from 405 and multiple touch point level).
* Our bullish view will be negated if the prices move below the 644 (3 Week low), if the prices sustain below the 644 mark we can expect the prices to move lower towards the 582 (20 Week SMA).
Inference & Expectations
* GLENMARK has been in a long term bullish phase.
* On the medium term charts the prices can be seen forming a higher high higher low pattern after breaking out of a consolidation.
* We expect the bullish momentum to take the prices higher towards the 728 mark immediately.
* If the level of 728 is breached we can expect the prices to move higher towards the 847 mark.
* Our bullish view will be negated if the prices breach below the 644 mark beyond which we can expect the prices to move lower towards the 582 mark.
* One can Buy GLENAMRK at current levels for the target of 728 and 847 levels with a strict stop loss of 644 on closing basis.
Buy Glenmark pharmaceuticals Ltd LTP 687.05 TGT 847 SL 640
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