Buy Glenmark Future at Rs 349
Target: Rs 360
Stop loss: Rs 343
Lot Size: 1,400
-- Long build-up was seen in the Glenmark Futures yesterday where we have seen 3 per cent(Prov) rise in the Open Interest with price moving up by 1 per cent.
-- Primary trend of the stock is positive where the stock price is trading above its 100 and 200-day SMA
-- The stock price has broken out on the daily chart yesterday to close at four-month high with higher volumes
-- RSI Oscillators is placed near 65 level on the daily chart Indicating bullish set up for the stock
-- Nifty Pharma Index has broken out on the daily chart indicating Pharma as a sector can continue to do well for the coming days
Disclaimer: Nandish Shah is a Technical & Derivative Analyst at HDFC Securities. Views are personal.