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The short-term outlook for Glenmark Pharmaceuticals is bullish. The stock has been moving up consistently over the last one week marks the beginning of a new leg of upmove. The stock has been in a strong uptrend since February. Strong support is in the ₹610-600 region. Any intermediate dips can be limited to ₹600. We can expect fresh buyers coming into the market in the ₹610-600 region.
Glenmark Pharmaceuticals share price can rise to ₹675-680 over the next two-three weeks or even earlier than that. Traders can go long now. Accumulate on dips at ₹615. Keep the stop-loss at ₹590. Trail the stop-loss up to ₹636 as soon as the stock moves up to ₹645. Move the stop-loss further up to ₹655 when the price touches ₹665. Exit the long positions at ₹680.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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