Stock Picks - Buy Glenmark Pharma Ltd For Target Rs. 525 - ICICI Direct
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Technical Observations
* The stock is at the cusp of breakout above the falling channel containing last three months corrective decline signalling a resumption of up move and offers fresh entry opportunity
* We expect the stock to resume up move after recent corrective decline and head towards | 525 levels as it is the 80% retracement of the entire decline (| 549-442) placed at | 525 levels
* The stock has recently rebounded after a healthy base formation at the 200 days EMA (currently placed at | 465) and the 80% retracement of the previous up move (| 405-549) signalling a positive price structure
* The daily MACD is seen rebounding from its previous lows and has generated a buy signal moving above its nine periods average thus validates a positive bias
Buy Glenmark Pharma Ltd @ 478.00-488.00 TGT 525.00 SL 458.00
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