Glenmark Pharma is on the verge of a breakout from a long consolidation period. The stock has also witnessed a fresh, built-up position in the F&O space.
Rupak De
February 23, 2023 / 07:10 AM IST
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} The Nifty has been trading in a downtrend with lower high and lower low formations intact on the daily and weekly chart. The momentum indicator RSI (relative strength index) is on the verge of a breakdown and is likely to enter the weak zone.The view remains bearish as long as the index stays below the 18,000 mark and can slide towards 17,400-17,200 levels.The Bank Nifty index continued to witness selling pressure from the higher levels. The index is now trading in an oversold territory and if it sustains above 40,000 can witness a pull back rally towards 40,600-40,800 levels.Here are three buy calls for next 2-3 weeks:ABB India: Buy | LTP: Rs 3,173 | Stop-Loss: Rs 3,000 | Target: Rs 3,600 | Return: 13 percentThe stock has been consolidating on the weekly chart following a sharp rally. Besides, the stock has been sustaining above the critical moving averages on the daily chart.The trend looks positive in the medium term, with an upside potential of Rs 3,600. On the lower end, support is placed at Rs 3,000.
Siemens India: Buy | LTP: Rs 3,252 | Stop-Loss: Rs 3,100 | Target: Rs 3,650 | Return: 12 percentThe stock has given a broader consolidation breakout on the weekly chart, indicating a rise in optimism. Besides, the stock has been sustaining above the critical moving averages on the daily chart.The trend looks positive in the medium term, with an upside potential of Rs 3,650. On the lower end, support is placed at Rs 3100.
Glenmark Pharma: Buy | LTP: Rs 443 | Stop-Loss: Rs 428 | Target: Rs 500 | Return: 13 percentGlenmark is on the verge of a breakout from a long consolidation period. The stock has also witnessed a fresh, built-up position in the F&O space.If the stock breaks about Rs 445, one can see a big move towards Rs 500 in the near term. The lower-end support is visible at Rs 428 which will act as a cushion for the bulls.
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