Buy Glenmark Pharma at Rs 510, says Kulkarni

Shardul Kulkarni of Angel Broking is of the view that, good strong move is expected in Glenmark Pharma in the near term, so one can look at buying opportunity in the stock at Rs 510 or on declines.

Kulkarni told CNBC-TV18, "Glenmark Pharma has given a very strong breakout on the weekly charts. So, I would look at a good strong move towards Rs 600 in case Glenmark. This call for Rs 600 is looking at a timeframe of around 2.5 months. But over the last few trading sessions stock is already given a good strong move, Rs 480-550 in about 3-4 trading sessions. So, a correction is on the cards. One may see the stock moving either sideways or giving a correction. This particular correction can come towards Rs 510. If the stock comes to Rs 510 it qualifies as a buy. Good strong move is expected in the near term so I would look at buying opportunity at Rs 510 or on declines." He further added, "Amtek Auto was down for nearly about two years. After that in the last four trading sessions stock has shown some movement. But I would wait for the stock to give more clarity on the weekly charts because weekly charts still shows a good strong lower top lower bottom cycle. So, I would not be too excited about this particular move. Let the weekly charts start showing a higher top higher bottom and then one can look at Amtek Auto."