Buy Glenmark Pharma, advises Pritesh Mehta

Pritesh Mehta - Senior Technical Analyst at IIFL told CNBC-TV18, "The run up in Glenmark Pharma in second half of 2014 had been spectacular. It rallied for Rs 530 to Rs 830 but as it is the case with all uptrending counter, they tend to go to period of correction and retracement. Eventually all the good things come to an end and that is the story taking place in Glenmark Pharma. It had a bad turbulent December but it retraced upon its previous rally, found support and now showing signs of reversal. It is the right time to get into this 

counter. Buy the stock for a target of Rs 780."

At 15:08 hrs Glenmark Pharma was quoting at Rs 736, up Rs 13.80, or 1.91 percent. It has touched an intraday high of Rs 740.40 and an intraday low of Rs 725.

Disclosure: Analyst might have recommended the trading ideas to his clients but has no personal holdings.