Business Standard
Web Exclusive

Here's a derivative strategy on Glenmark Pharma by HDFC Securities

Long build-up was seen in the Glenmark Futures yesterday

Topics
Markets | Market technicals | HDFC Securities

Nandish Shah  |  Mumbai 

Bonds, Stock markets, Shares, Trading
Primary trend of Glenmark Pharma's stock is positive

Buy Glenmark Future at Rs 349

Target: Rs 360

Stop loss: Rs 343

Lot Size: 1,400

Rationale:

-- 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 Views are personal.

First Published: Fri, May 22 2020. 07:58 IST
RECOMMENDED FOR YOU