Momentum Pick - Buy Glenmark Ltd For Target Rs. 530 - HDFC Securities
After correcting sharply from a high of 573 touched in June 2020, Glenmark found support around the 405 levels a few weeks back. The stock has since then rebounded and gradually moved higher, making higher tops and higher bottoms in the process.
Today, the stock has broken out of the 410-431 narrow trading range on the back of healthy volumes. This augurs well for the current uptrend to continue.
Technical indicators are giving positive signals as the stock trades above the 20-day and 50-day SMA.
Daily and weekly momentum readings are in rising mode and not in overbought territory. We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks.
We therefore recommend a Buy at CMP and adding more on any dips. Our entry levels, along with stop loss and targets have been mentioned above.
Buy Glenmark Ltd 2-6 Months CMP 445.90 TGT 483/530 SL 415
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