Buy Glenmark Pharma in range of Rs. 465-475
Target: Rs. 540
Stop Loss: Rs. 423
Time frame: Three months
Derivatives & Quantitative Outlook
The pharma space has shown significant resilience in the last couple of weeks amid broader market volatility. We believe the sector is poised for the next round of upsides after a round of consolidation. Glenmark has retraced back to Rs. 450 levels after making highs near Rs. 540 in June. As long positions are still intact in the stock, we believe it will resume its upward momentum in the near term.
The open interest in Glenmark has been increasing gradually in the last couple of months. The open interest in the stock has almost doubled since April along with the price movement as long positions were formed in it. Despite recent profit booking in the stock, the open interest has remained intact suggesting prevailing long bias is still intact. We expect the stock to move towards its recent highs of Rs. 540 in the days to come.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Glenmark_Sep20.pdf
Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.485.1 as compared to the previous close of Rs. 470.65. The total number of shares traded during the day was 99599 in over 2683 trades.
The stock hit an intraday high of Rs. 487.45 and intraday low of 468.4. The net turnover during the day was Rs. 47855851.