Buy Glenmark Pharma with target Rs 695: Shabbir Kayyumi

Shabbir Kayyumi Narnolia Financial Advisors

Glenmark Pharma has confirmed the reversal from its current downtrend. It also gave bullish breakout above 20 DMA and 50 DMA and thereafter it is consolidating above these DMA’s since last few days. Rising trend line support creates buying opportunity in the scrip.

Inverted head and shoulder is also indicating positive move in the coming days. So some fresh buying is expected from the current levels in the short term. Therefore we are recommending taking long position in the stock around Rs 645 with a stop loss Rs 630. Upside target is Rs 695 levels.