Monday 3 November 2008

Exit Glenmark on advances above Rs 365-370: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that one should exit Glenmark Pharma on advances above Rs 365-370.

Bhamwani told CNBC-TV18, "In the short to medium-term Rs 365 is a level I would look at for signs of resistance. Unless it crosses Rs 365 with heavy volumes and fresh commitment from bulls, the stock has poor chances of going above the Rs 365 levels on a sustained basis."

He further added, "Unless one has ample time on hand, he/she should be looking at exiting on advances above Rs 365-370. If one is taking two-three year view maybe its something else because the stock has strong market out performer. Its out performed the Nifty and BSE-30 by huge margin. So one might have opportunity losses elsewhere, but it’s a call that one has to take whether he/she has the kind of time to wait for 36 months."

Source: Moneycontrol

Posted by Harsh at 07:00

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