Glenmark Pharmaceuticals Limited is a global pharmaceutical company. The Company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW). It has approximately seven molecules, over two NCEs and approximately five NBEs in various stages of pre-clinical and clinical development. It is focused on developing and marketing branded and generic formulations.

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SHORT TERM PERSPECTIVE

Company Glenmark Pharma Ltd.
Recommendation Accumulate (Rs.429.75)
CMP Rs.429.75
Stop Loss (SL) Rs.395
Target Price Rs.475-Rs.490
Time Horizon 2-4 Weeks

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Intermediate and short term trend is up in this stock. After a sharp up move, the stock has had a moil correction and started its upwards journey once again. The stock is continuously making a higher top and higher bottom formation on the daily chart which is bullish in nature. The stock has taken the gap support and during the correction phase we saw volumes shrink. The up move has resumed with increase in volume and positive diversion from oscillator indicate that stock can move higher from current levels so one can accumulate the stock at CMP With a stop loss of Rs. 395 on closing basis and for the target Price of Rs 475-490. Time frame should be 2-4 weeks.

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

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