Buy Glenmark Life, Amber for up to 8% upside, recommends HDFC Securities

On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities expects Nifty to face resistance around 21,750.

Nifty View

The Nifty could not hold on to intra day gains on Jan 09 after falling in the previous session. This denotes sell on rises phenomenon. Nifty could now face resistance at 21,750 while a breach of the immediate support of 21,500 could take the Nifty to 21,365.

BUY

Glenmark Life Sciences

Last Price: Rs 723

Target: Rs 780

Stop-loss: Rs 690

On Jan 02, 2024, the stock broke out from the long-term consolidation. Price breakout was accompanied with rising volumes. The stock has registered fresh all-time high of Rs 735.

The stock price is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and Oscillators like MACD and RSI have turned bullish on the daily charts. 

 

BUY

Amber Enterprises

Last Price: Rs 3,402

Target: Rs 3,690

Stop-loss: Rs 3,200

The stock price has broken out from the narrow consolidation, which held for last 10 weeks. The stock price is placed above all important moving averages, indicating bullish trend on all time frames.

Indicators and Oscillators like DMI and RSI have turned bullish on the daily and weekly charts. Price breakout is accompanied with jump in volumes. 

(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).