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Here's a derivative strategy on Glenmark Pharma by HDFC Securities

Primary trend of Glenmark Pharma's stock is positive
Buy Glenmark Future at Rs 349

Target: Rs 360

Stop loss: Rs 343

Lot Size: 1,400

Rationale:

-- Long build-up was seen in the Glenmark Futures yesterday where we have seen 3 per cent(Prov) rise in the Open Interest with price moving up by 1 per cent.

 
-- Primary trend of the stock is positive where the stock price is trading above its 100 and 200-day SMA

 
-- The stock price has broken out on the daily chart yesterday to close at four-month high with higher volumes

 
-- RSI Oscillators is placed near 65 level on the daily chart Indicating bullish set up for the stock

 
-- Nifty Pharma Index has broken out on the daily chart indicating Pharma as a sector can continue to do well for the coming days

Disclaimer: Nandish Shah is a Technical & Derivative Analyst at HDFC Securities. Views are personal.



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