Expect Glenmark Pharma to touch Rs 415: Edelweiss

MUMBAI: Edelweiss is of the view that charts of Glenmark Pharma indicate a bullish pattern. It expects the stock to move higher to Rs 415 levels.

“Glenmark Pharma has given a breakout of the bullish triangle pattern, and has re-tested the breakout zone at Rs 330. The stock is in a medium term uptrend and a short-term consolidation. We expect the stock to break higher in the coming sessions for a target of Rs 415.

Momentum oscillators are in bullish mode on various time frames indicating the uptrend. The stock is also trading above all key moving averages that will act as support incase of any declines,” the report said.