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Glenmark, Alembic, Cipla: Pharma stocks on a booster dose this December

Select pharma stocks look good on the technical charts and may jump up to 15 per cent in December. On the fundamental side, fears of Omicron variant spreading may also keep them in news and buzzing

pharmaceutical firms | stocks technical analysis | Trading strategies

Avdhut Bagkar  |  Mumbai 

Photo: Bloomberg
Pharma Stocks

Nifty Pharma
Likely target: 14,400
Upside potential: 5%

The index is struggling to sustain above the 200-days moving average (DMA) placed at 13712 levels, according to the daily chart. However, the 50-weekly moving average (WMA) which is located at 13,578 provides a crucial support at the current juncture. As long as the index conquers and hold above the 200-DMA keeping the support at 13,578 levels, it may see a sharp rally towards 14,400 levels over the next few sessions, charts suggest. CLICK HERE FOR THE CHART

Likely target: Rs 950
Upside potential: 15%

Though there is a major breakdown below the support of Rs 850 levels, but Alembic Pharma have managed to stay above Rs 700, which is the 200-WMA as per the weekly chart. The continued effort to overcome the barrier of Rs 850 shows the positive underlying strength and a possible upside in the sessions ahead. Thus, as long as the support of Rs 700 is held, the momentum may see a rally in the direction of Rs 950. CLICK HERE FOR THE CHART

Likely target: Rs 1,100
Upside potential: 13%

After almost 30 sessions, the Moving Average Convergence Divergence (MACD) has crossed the zero line upward with a positive crossover. This indicates robust underlying strength. Though the stock is trading 4 per cent lower from its all-time high, the there is underlying strength that can take this counter towards Rs 1,100 levels as long as the support of Rs 900 is held firmly. CLICK HERE FOR THE CHART

Likely target: Rs 600
Upside potential: 15%

Glenmark Pharma has seen selling pressure around Rs 670 levels and this has led to a decline of over 25 per cent recently. While the negative pressure is strong, the counter has managed to stay above the 200-WMA support placed at Rs 487 levels, as per the weekly chart. Going ahead, Glenmark may make an attempt to cross the recent hurdles and move towards Rs 600, charts suggest. CLICK HERE FOR THE CHART

Torrent Pharmaceuticals Ltd (TORNTPHARM)
Likely target: Rs 3,300
Upside potential: 11%

The “Higher High, Higher Low” formation is intact for now and the stock looks positive on the charts. The bullish sentiment may see a jump towards Rs 3,300 levels, according to the weekly chart. Support stays at Rs 2,800 mark. CLICK HERE FOR THE CHART



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First Published: Wed, December 01 2021. 12:11 IST