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* Glenmark is among the prominent name within the pharma space and it rewards handsomely to traders during reversals. In line with past instances, it surged sharply from March 2020 low i.e. around 157 to 677.47 levels by September 2021.

* It witnessed a year-long corrective phase after that surge and again retraced to the monthly support zone around 350 levels. After spending nearly six months within the 350-410 zone, it has finally seen a breakout from the same now.

* The recent buoyancy in the stock combined with the reversal in the pharma index is pointing towards a steady rise from hereon. We thus recommend creating longs in the mentioned range.

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