Buy Glenmark Pharma: CK Narayan, Sharyans Resources

CK Narayan, President Treasury, Sharyans Resources, in an interview with ET Now, talks about Glenmark Pharma


What is the call on Glenmark Pharma?

You had this huge move up, 16-17% in the morning and now trailing off a bit on some amount of profit taking no doubt, but the fact that this stock has moved up on seemingly very good news shows that there are enough people willing to chance it out at higher levels. On the charts also, it has shown sufficient amount of a pullback because it hit something like 380 and then pullback to somewhere around Rs 220-240. By the end of the day, I expect that the stock will move up and close at say maybe about Rs 310 or so where it will actually flash a buy in the weekly charts. So move back to at least about Rs 380 is on the cards for Glenmark and so, it is clearly a share to buy for the short term as well as medium term and if the rise were to go past about Rs 380, then we can revisit the stock for even larger targets.