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revanthchalamala
Intraday Stockbusters
Glenmark Pharma: Buy | LTP: Rs 865.4 | Stop-Loss: Rs 810 | Target: Rs 970 | Return: 12 percent. #GLENMARK
The current market situation for stock is quite favourable, with it trading at multi-year high levels. On a weekly basis, there has been a notable breakout from an Inverted Head & Shoulder pattern, indicating a robust positive sentiment for the medium to long term. Furthermore, on the daily charts, a Cup & Handle pattern breakout has occurred, which has been confirmed by trading volume, adding further confidence to the bullish outlook.
An encouraging aspect is that the stock price has consistently maintained itself above key moving averages, including the 50, 100, and 200-day Simple Moving Averages (SMA), and these averages are showing a positive alignment. This serves as a strong validation of the optimistic outlook for the stock.
Additionally, both the weekly and daily RSI indicators are on an upward trajectory and are holding above the 65 level. This implies significant positive momentum in the stock's price movement.
Considering these technical indicators, there is a reasonable expectation that the stock could continue its upward trajectory, potentially reaching Rs 970 price level. However, it's essential to manage risk effectively, and a prudent approach would be to establish a stop-loss level at Rs 810 on a closing basis.
By Vidnyan Sawant, AVP - Technical Research at GEPL Capital
Sep 15 9:51 AM