Gland Pharma, Siemens: Strategies for 5 stocks defying current market mood

few selective stocks, like Gland Pharma, PVR INOX, Siemens, Upl and JK Paper may continue to slide lower demonstrating a bearish engulfing sentiment, show technical charts

The benchmark indices on Wednesday opened on a negative note, but managed to reverse in early hour to stay afloat in green. The BSE Sensex was up 121 or 0.20 per cent to 62098, while Nifty 50 rose 30 points or 0.16 per cent to 18378.

Nevertheless, a few selective stocks, like Gland Pharma, PVR INOX, Siemens, Upl and JK Paper, continue to slide lower demonstrating a bearish engulfing sentiment. Among this lists, shares of JK Paper slipped to fresh yearly lows on Wednesday.

While Siemens’ shares set a new all-time high this year, the recent sessions have raised alarm on the long term outlook. Likewise, Gland Pharma, Upl and PVR INOX have failed to exhibit conclusive resurgence on charts.

Here’s the technical outlook to unearth the next trend in these stocks:-

Gland Pharma Ltd (GLAND)

Likely target: Rs 880 and Rs 840

Downside potential: 6% to 10%

The stock has been on a downward spiral since March 2022, with a gradual decline that failed to display any concrete reversal. The bears have all the control, and until the 200-DMA placed at Rs 1,700 mark is not conquered, it’s advisable to stay aside from the stock.

The next support comes to Rs 880 and 840 levels, as per the weekly and daily chart. Key hurdle at the current juncture remains at Rs 1,200 mark. CLICK HERE FOR THE CHART

PVR INOX Ltd (PVR)

Likely target: Rs 1,150

Downside potential: 15%

So far this year, the stock has tumbled 20 per cent and continues to bear the negative bias, despite revival in broader indices. Setting new 52-week low discloses a bearish underlying strength that has absolutely outweighed the bullish enthusiasm. 

The stock trades beneath all the three key moving average (50-DMA, 100-DMA and 200-DMA), implying that price action favours decline. Thus, unless the stock crosses Rs 1,500 level, which is little over the 50-DMA, the trend may see further downside in the direction of Rs 1,150. CLICK HERE FOR THE CHART

Siemens Ltd (SIEMENS)

Outlook: Support range needs to be defended.

The recent vertical fall of over 11 per cent in merely three sessions has dented the overall momentum of the larger trend. Going forward, the stock needs to cross Rs 3,800 mark to recoup the losing price action. 

The support range of Rs 3,200 to Rs 3,100 acts as a shield for any major decline. Thus, until this support range is protected, the stock may see revival in trend. If breached, the stock may enter medium-term bearishness, leading to a decline in the direction of Rs 2,800. CLICK HERE FOR THE CHART

UPL Limited (UPL)

Likely target: Rs 580 to Rs 550

Downside potential: 11% to 15%

There is a formation of “Descending Triangle” emerging on the weekly chart of UPL shares. If the counter fails to hold Rs 650 mark, the price action could engulf a bearish sentiment, resulting in the stock plunging to Rs 580 to Rs 550 levels.

On the other hand, the stock has a downward sloping resistance of a trendline exhibiting Rs 725 and Rs 750 as the immediate levels that could witness a major sell-off.  CLICK HERE FOR THE CHART

JK Paper Limited (JKPAPER) 

Outlook: Bearishness trend

The stock has given a breakdown of the “Death Cross”, signifying medium-term weakness, as per the daily chart. This could mean a gradual decline where the price action may drift to Rs 300 levels. 

From now on, the stock has consecutive barriers at Rs 360, Rs 380 and Rs 400 levels. The broader trend appears fragile and if the stock fails to demonstrate sustainability at current levels, weakness could easily invade the trend. CLICK HERE FOR THE CHART