The short-term outlook is bullish for the stock of Glenmark Pharmaceuticals. There is a resistance near current levels at ₹553. But the price action on the chart leaves the chances high for the stock to breach this hurdle. Such a break will boost the bullish momentum and can trigger a strong follow-through buying. In that case, Glenmark Pharmaceuticals share price can go up to ₹490 over the next two-three weeks.
Immediate support is at ₹440 which is likely to limit the downside in the near-term. Traders can go long. Accumulate on dips at ₹442. Stop-loss can be kept at ₹431. Trail the stop-loss up to ₹455 as soon as the stock moves up to ₹464. Move the stop-loss further up to ₹473 when the share price touches ₹478. Exit the long positions at ₹485.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)