Here's why Mehul Kothari is bullish on Glenmark Pharma, Muthoot Finance

According to the technical analyst from Anand Rathi, Glenmark Pharma can surge to Rs 460, while Muthoot Finance can rally to Rs 1,175.

BUY

Glenmark

Target: Rs 460

Stop Loss: Rs 405

Glenmark Pharma has observed a steep fall of 49 per cent between July 2021 and June 2022. Since then the stock has been consolidating between Rs 360-400, and it has made a solid base near Rs 375 level.

On the weekly scale, the said counter has formed an Inverted Bullish Hammer near support zone along with weekly RSI (relative strength index) has formed an impulsive structure which is adding more confirmation for upside in coming days.

In line with above technical rationale Glenmark has broken its previous trading range of Rs 370-410 and closed