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Buy Glenmark Pharma with 8% return: Aditya Agarwal

21 December, 2018 5:23 AM
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Buy Glenmark Pharma with 8% return: Aditya Agarwal

The stock formed a higher highs pattern which is a bullish setup. The daily RSI (14) entered above 60 levels which is a bullish signal.

Looking at the daily chart, Glenmark Pharma confirmed its breakout from the Symmetrical Triangle pattern; however, the follow-up buying was missing and as a result, the stock slipped into a consolidation.

On the weekly chart, the stock formed a higher highs pattern which is a bullish setup. The daily RSI (14) entered above 60 levels which is a bullish signal.

Hence, we recommend traders to buy this stock at the current level of Rs 687 with a price target of Rs 740. A stop loss should be placed below Rs 650.

Source: moneycontrol.com

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