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    HomeNewsBusinessMarketsBuy Glenmark Pharma, target Rs 652: Hadrien Mendonca

    Buy Glenmark Pharma, target Rs 652: Hadrien Mendonca

    We expect the stock to move higher and every long position should be protected with a stop loss below Rs 579 on a closing basis, says Hadrien Mendonca of IIFL.

    Moneycontrol News
    June 22, 2018 / 13:55 IST

    Hadrien Mendonca

    Our weekly chart analysis indicates that Glenmark Pharma has broken out from the falling channel pattern. The stock has also managed to surpass its long-term 200-DEMA on the daily chart and has also managed to close above the same.

    In addition, other momentum oscillators also indicate that the current momentum is likely to extend further.

    We expect the stock to move higher and every long position should be protected with a stop loss below Rs 579 on a closing basis for target of Rs 652.

    Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

    Moneycontrol News
    first published: Jun 22, 2018 01:55 pm

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