Glenmark Prescription drugs (₹1,543.35)
Making an attempt a U-turn
The inventory of Glenmark Prescription drugs, which has been in a downtrend since October final 12 months, now appears to be turning its course northward. It has discovered one assist at ₹1,400 bouncing towards which the worth is now above 50- and 100-day shifting averages.
Whereas there is perhaps a minor decline off a trendline at ₹1,575, we anticipate the inventory to finally surpass this stage and head to ₹1,800 within the near-term. So, one can purchase shares of Glenmark Prescription drugs at ₹1,540 and accumulate at ₹1,450. Place stop-loss at ₹1,370. When the worth rises to ₹1,650, revise the stop-loss to ₹1,520. When the inventory hits ₹1,750, alter the stop-loss to ₹1,680. Liquidate the longs at ₹1,800.
Nippon Life India Asset Administration (₹601)
Downtrend could resume
The inventory of Nippon Life India Asset Administration, additionally known as NAM-INDIA, has been in a downtrend since November final 12 months. Two weeks in the past, it slipped beneath a key assist at ₹640, the place the 50-day shifting common lies. This had turned the outlook weak. Regardless of final week’s rally, the pattern stays bearish as a result of there are resistances forward at ₹640 and ₹700.
Additionally, notice that the inventory declined within the final two periods after going through 20-DMA resistance. We anticipate it to renew the downtrend from right here. So, go quick on NAM-INDIA when the worth inches as much as ₹615 and place a stop-loss at ₹650. When the inventory touches ₹560, path the stop-loss to ₹600. E book earnings at ₹530.
SRF (₹2,881.25)
Sees a vital breakout
The inventory of SRF, a few weeks in the past, noticed a breakout of the resistance at ₹2,750. That is important as a result of the worth of this inventory has been oscillating between ₹2,000 and ₹2,750 since October 2021. Subsequently, this breakout, accompanied by good volumes, is anticipated to lead to a substantial rally.
That mentioned, from the present stage, the inventory may reasonable to ₹2,500 earlier than starting its subsequent upswing. So, purchase SRF now at ₹2,880 and purchase extra shares if the worth dips to ₹2,500. Preserve stop-loss at ₹2,000. When the worth hits ₹3,400, revise the stop-loss to ₹3,150. On a rally to ₹3,750, exit half of the longs. Keep a stop-loss at ₹3,600 for the remaining positions. Exit them at ₹4,000.
