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Stock calls by Nilesh Jain of Anand Rathi: Buy Glenmark Pharma, Tata Elxsi

Glenmark's stock has reclaimed its short term 21-DMA

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Tata Elxsi's stock is trading well above its short-term and long-term moving averages

Nilesh Jain Mumbai

2 min read Last Updated : Jul 31 2020 | 8:01 AM IST

SELL NIFTY | TARGET: 11,020 | STOP LOSS: 11,230

The Nifty index broke its neckline on the hourly chart which was placed at 11,200 levels. The momentum indicators and oscillators reached overbought territory on the daily chart which hints at some distribution at higher levels. On the derivative front, a huge amount of call writing was seen at 11,200 strikes which will act an immediate resistance. Thus, aggressive traders can initiate a short position with a strict stop loss of 11,200.

SELL PEL | TARGET: Rs 1,300 | STOPLOSS: Rs 1,410

The stock has provided breakdown from a rising trend line on the

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