The Hindu Business Line : Focus of the week

Glenmark Pharma (Rs 186.8): After been locked in a narrow range, the stock made a decisive breakout on Friday, backed by a surge in volumes. It now appears to be headed towards the Rs 200-mark in the near term. Hold with a stop-loss at Rs 155. Long positions may also be considered with a stop-loss at Rs 170.

Sesa Goa (Rs 569.1): As observed a couple of weeks ago, the stock declined to the Rs 525-530 range and then reversed direction. The stock appears to have resumed its upward trend. It could move to the Rs 600-610 range in the near term. A move past Rs 580 would be a buy trigger. All long positions would warrant a stop loss at Rs 525.

Follow-up

Alembic (Rs 120.9): The stock managed to move to the target zone of Rs 130-135. The near-term trend is positive and the stock could move to the Rs 142-145 range. This view would be valid if the stock holds above Rs 113. Hold with a stop-loss at Rs 113. Long positions may be considered on a move past Rs 132, with a stop-loss at Rs 113.

Gujarat Mineral Development (Rs 215.3): The stock managed to move to the target zone of Rs 220-225 mentioned last week. The near-term trend is positive and a move to the Rs 230-235 range appears likely. Price weakness may be used to take long positions with a stop-loss at Rs 184.

(The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Opinion and price targets are based on the Elliott Wave Analysis. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop loss level is breached. There is a risk of loss in trading)

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