Glenmark: Chart set u p & view

Glenmark
Closing Price 432.7

- the stock has seen a meteoric rise from 161 in Mar 2020 to 550 in Jun

- the stock has also seen a sharp drop of 120 points from the highs

- at current levels there are multiple support possibilities

- 20 day EMA currently at 429

- 38.2% retracement at 415

- incidentally the green zone has acted as important level exactly 1 year back between July 2019-Aug 2019

Given the setup, one may consider buying in 2 tranches

- at CMP or on any dips towards 415

- use 2nd part only if price dip towards 380 - 394 zone

Target for the setup - 612 / 646 levels in medium term

Pattern would get invalidated if it closes and sustains below 365 for 3 consecutive days

The set up provides a Risk::Reward ratio of 1 :: 5.
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Discliamer:
- The view expressed here is my personal view
- Use this for educational purpose
- Any decision you take you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be