Initiation range: 1,560-1,570
We're seeing a mixed trend within the FMCG pack and Colgate has been consolidating in a range while holding strongly above the support zone of short-term moving averages. All indications are in favor of a breakout soon. Traders shouldn't miss this opportunity and accumulate in the mentioned range.
Glenmark Pharmaceuticals Limited
Initiation range: 526-530
Most pharma stocks are participating in the recent rally and Glenmark has also resumed the trend. It has recently witnessed a breakout with a noticeable rise in volume, after spending nearly 4 months in a consolidation range of 460-515 levels. We thus advise creating fresh longs in the given range.
Initiation range: 484-487
IGL has been consolidating in a narrow range for the last week, after retesting its record high. Importantly, it has been holding above the gap area on the daily chart which indicates that bulls are in control. Traders should use this phase to create fresh longs and hold for a new record high.