By analysis of the chart of Glenmark Pharma , we can easily see that stock has already take support on the support line and shown bullish candle. So we can enter in this point.
RSI also in oversold position, and directing upward.
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be a breakout post accumulation for last 190+ bars (approx. 1 year). Volumes are high which supports the breakout. Moreover, close price is near the high of the candle. RSI above 70 indicates high momentum.
when price breaches 455.20 levels confirm it with retest then enter the trade.
exit - 407
(there is support level at 407 - if bears are still strong with increasing volume then hold it till you see otherways)
FUNDAMENTALS - glenmark fake rumor on covid vaccine had increased the price of the share drastically, later there was a correction in...
Monthly chart -
Target 675 - 740
1. Price Volume breakout over trendline.
2. MACD positive cross over
3. RSI down trendline is broken on the upside.
4. RSI and William at favorable values supporting a BUY.