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Glenmark Pharmaceuticals is showing signs of a bullish recovery after finding support around ₹2,170 and reclaiming the 20-day moving average. A sustained move above the ₹2,220–₹2,230 resistance zone can trigger fresh buying momentum. Traders may consider an entry above ₹2,220 with a stop-loss at ₹2,170. If the breakout is confirmed with strong volume, the stock has the potential to rally towards ₹2,440, offering an attractive risk-to-reward ratio of approximately 1:3. Wait for a decisive breakout and avoid entering if the price fails to hold above the entry level.
Trade Plan (Short):
- Entry: ₹2220
- Stop Loss: ₹2173 (LOD)
- Target : ₹2440
