Glenmark Pharmaceuticals (₹1,543.35)
Looking to Change Direction
Glenmark Pharmaceuticals’ stock has been on a downward trend since October last year, but there are signs that it may be ready to reverse course. Finding support around ₹1,400, the stock has climbed above its 50- and 100-day moving averages.
While there might be a slight pullback around ₹1,575, we anticipate the stock to push past this level and aim for ₹1,800 in the near future. Consider buying Glenmark Pharmaceuticals at ₹1,540 and adding to your position at ₹1,450. Set a stop-loss at ₹1,370. Once the price reaches ₹1,650, adjust the stop-loss to ₹1,520. If the stock reaches ₹1,750, move the stop-loss to ₹1,680. Sell your holdings at ₹1,800.
Nippon Life India Asset Management (₹601)
Downtrend Likely to Continue
Nippon Life India Asset Management, or NAM-INDIA, has been in a downtrend since November last year. Despite a recent rally, the stock remains bearish as it faces resistance at ₹640 and ₹700.
The stock has seen a decline in the last two sessions after encountering resistance at the 20-day moving average. We expect the downtrend to resume from this point. Take a short position on NAM-INDIA at ₹615 with a stop-loss at ₹650. Move the stop-loss to ₹600 when the stock drops to ₹560. Take profits at ₹530.
SRF (₹2,881.25)
Breakout on the Horizon
SRF broke through the resistance at ₹2,750 a couple of weeks ago, marking a significant event as the stock had been trading between ₹2,000 and ₹2,750 since October 2021. This breakout, supported by strong volumes, is expected to lead to a substantial rally.
From the current level, the stock may pull back to ₹2,500 before beginning its next upward move. Buy SRF at ₹2,880 and add more if it falls to ₹2,500. Place a stop-loss at ₹2,000. Raise the stop-loss to ₹3,150 when the price hits ₹3,400. Sell half of your holdings at ₹3,750 and set a stop-loss at ₹3,600 for the remaining positions. Exit at ₹4,000.
