Don't miss out on these 2 stocks, say analysts at MOFSL; details inside

Recently Nykaa stock had given a breakout on the weekly charts with high volumes. In last few days the stock gradually moved higher and showed relative strength when the markets were correcting.

Stock recommendation by MOFSL

  Buy Glenmark Pharma | CMP: ₹2007 | SL: ₹1900 | Targett: ₹2120

  If we look at recent past, Glenmark Pharma’s stock prices rallied significantly with a gap up opening on July 11 on news of its units cancer licensing deal with AbbVie. Post this upmove, the stock prices witnessed a gradual correction in last couple of weeks. Now, prices have taken support around the July gap area and have formed a support base. It also coincides with its 50 DEMA support and today’s price volume action hints at a probable resumption of the uptrend. Hence, there seems a good opportunity to buy Glenmark Pharma for potential target around ₹2120. Trader should keep a stoploss below ₹1900 on long positions.

 

Buy Nykaa | CMP ₹237 | SL ₹229 | Target: ₹252

  Recently this stock had given a breakout on the weekly charts with high volumes. In last few days the stock gradually moved higher and showed relative strength when the markets were correcting. Now, looking at the price volume structure along with positive momentum readings set up. It seems that the stock would continue its uptrend. One can hence look to trade with a positive bias in Nykaa with a stoploss below ₹229 for potential target around ₹252.

 

 

(Disclaimer: Ruchit Jain is a head of equity technical research, wealth management at Motilal Oswal Financial Services Ltd. Views expressed are his own.)