Hold Glenmark Pharma, says Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Since August 2015, when Glenmark Pharma actually clocked a high of Rs 1,262.90, after that if you look at the long term chart, you will see that there is a downtrend that is going on. Just like Sun Pharmaceutical, this stock is on a downtrend. Only in the last month there had been some minor signs that the downtrend might well get arrested, but for a confirmation, we need the stock to at least move beyond Rs 650. Only after that, you would see some kind of a traction coming back."

"Put a stoploss below Rs 570 on closing price basis and if that level were to be taken out, then be certain that it would hit Rs 540 again. So hold on so long as Rs 570 does not get broken but I am not as optimistic," he added.