Grab Buying Opportunity in Glenmark.
From pharma sector Glenmark shows good opportunity for going upside, on the basis of technical analysis.
On 16th December it has given closing above EMA 50. On that day also given positive crossover of EMA20 and EMA50.
On the day of 12th December Glenmark had given Supertrend 14,2 crossover. One positive news was also there about launching of generic drug for cholesterol in US. After that positive crossover it has sustained his position above Supertrend 14,2 as well as sustained position above pivot level.
On 16th December Glenmark opened at 906 and made low of 896.76, EMA 50 level is 897 from that it took support and made high of 934 with good volume.
Glenmark price might go ups, in its up site rally first hurdle is Resistance1 level is at 977 and second hurdle is previous month high on 994. If we check weekly chart of Glenmark, previous week candle shows good buying pressure and also sustained above weekly pivot level.
- Anand Singh Gaur
- Sunil Kothari