Is it only my feeling?, that Glenmark will go up???.
Maybe, maybe not.
Fundamentally company looks good, also price action wise present price range seems good for a med term investment.
Buy around CMP SL below 430 with a TGT of 585/ 675
Disclaimer: These are just my views, I am only SHARING my views - kindly do NOT trade blindly with these levels, please do your own research before entering/ or as per advice from your own financial adviser. This is for a med to long term investment only, its not a positional or an intraday trade, as I used to do normally
Trade active
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@ 470 I have bought part of my expected allocation for this stock, Will add more when it comes to 460-450
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Added few more @ 454 Avg Buy cost now 462
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Presently @ 1:1, still holding
494-500 is a mild resistance zone, if able to close above this on daily/ hourly candle then can expect a good upmove.
Now around 550 - a psychological level, there maybe a retracement possible. If daily candle closes well above 550, then our 1st tgt can be easily reached within few days.
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Near TGT 1
Those in trade can start partly exiting when around 580-585 (TGT1) Today already made a high of 576
Presently more than 1:3 Risk reward
I will be exiting slowly with a final of 25% remaining to exit aroung 600/TGT2
Trade closed: target reached
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Very very late update- My apologies- I am back on Sailing so I am unable to post in realtime.
TGT1 hit- many days back :O
I have exited 75% of my holdings around 575-580 range.
Of the remaining 25% I will exit few around 600, remaining 650.
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With only 10% remaining, I exited the rest at 600.
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Closed my holdings on Glenmark @665. Today's high 672.(3 points from tgt 2).
@psrarunisaimaran, that's obvious.. if we knew exact direction, it would be so easy to make money..
Here however there's a pattern formed(it's drawn in chart- some say pendant, some flag- for me it's a good consolidation pattern), mostly such patterns will give a continuation of the previous trend, here it was an uptrend, so hence, breakout will be mostly to the upper side.
psrarunisaimaran
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@theTradingSailor, thanks Ji for your advice words, holding stocks at 516 level!
theTradingSailor
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@psrarunisaimaran, So you should have god some decent returns by now I hope..:)
@psrarunisaimaran, ohh..but good you exited in gains. Patience was tested near 440 levels..🤔
StockWhizzer
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Is 520 still possible?
theTradingSailor
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@StockWhizzer, need to wait for breakout patiently.
Bought the stock at lower levels not only to reduce SL, but also there's higher probability of breakout and continuation of pattern. If that's the case 580-585 also is possible,
if its a breakdown then good fall..