(Short Term Cash)
October 13, 2016
Glenmark Pharma (NSE Cash)
SELL
` 932
` 910 - 905
` 860
5 - 10 Sessions
Daily Chart
Source: Falcon (Chart Time: 11:55 IST)
Justification:
Of late, we have witnessed a tremendous outperformance from the mid-cap pharmaceutical stocks and
‘Glenmark Pharma’ was clearly one of them. Now, after a consolidation of nearly three weeks, the stock is
showing weakness as the stock prices started drifting below the short term key moving average of ’20 EMA’
placed around 915. In addition, the daily ‘RSI-Smoothened’ oscillator has slipped below the 70 mark from
northwards, indicating momentum to accelerate on the downside. The hourly chart exhibits a breakdown from
key intraday supports as well. Thus, considering these evidences, traders are advised to sell the stock at current
levels and on a bounce up to `910 for a target of `860 in next 5 - 10 sessions. The stop loss for the trade set-
up can be kept at `932.
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October 13, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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