Stay out of Glenmark as a long term investor: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in a chat with ET Now gives his perspective on Glenmark.

What are you sensing on the charts for Glenmark?

Glenmark was actually one of the worst performing pharma stocks during the 2008-2009 bear market. It came down from 700 to something like 100 and 120. Pharma stocks do not usually drop that badly and it has not really bounced back very much either, it is still less than half the price it had peaked at in 2008.

I point all this out because it is not showing that much long-term strength as the other pharmas are and currently there was some good news last week, so it gapped up but it has now closed that gap, it is coming back into the range it broke out from, so not showing that kind of follow through demand either, I would stay out of this counter as a long-term investor.