Glenmark Pharma can head higher, target Rs 1253: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Glenmark Pharma seems to be a pretty strong counter. It has got bullish momentum and it uses two moving averages, 21-day moving average and the 89-day moving average. If there is a big correction it takes support at 89 day. If there is a small correction then 21 day but as of now even five day moving average is not being tested by Glenmark. So, I would say that this has got strong momentum and it is actually headed higher." "I would say Rs 1,230, Rs 1,242 and Rs 1,250 or say to be precise Rs 1,253 could be the final target. I will put a stop loss, it is a bit stretched stop loss because there is lot of intraday volatility these days, Rs 1,199 is my stop loss. Glenmark is one of those stocks you can of course swap it with Lupin or may be Dr Reddy's Laboratories or some other pharma counters that are showing strength," he said.