Shabbir KayyumiNarnolia Financial Advisors
Glenmark Pharma is taking support from its upward sloping line and currently it is hovering above its downward falling sloping line from where firm support is seen. Parity on weekly chart is showing possibility of a bounce back on the upside. Moreover, declining peak of MACD histogram is also showing upside momentum.
Sustainability of RSI above 50 on weekly chart are giving cues of positive momentum on upside. Strong support is seen near 200 DMA which comes at Rs 548 marks. One can take long position in the stock at Rs 585 with stop loss of Rs 548 for the target of Rs 660 levels.
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