Glenmark jumps 4% to record high despite weak Q2

Glenmark Pharma rose 4.36% to Rs 2,590 on 6 Nov 2026 and hit a record high of 2,682.50, despite a 56.8% fall in Q2 profit. Resistance is at 2,683 and support at 2,325. Glenmark Pharmaceuticals Limited [ GLENMARK] shares rose 4.36% to close at Rs 2,590 on 6 November 2026, after its Q2 consolidated results. The stock opened at Rs 2,365.50, which was also the day’s low, then rallied to a fresh all-time high of Rs 2,682.50 and closed near the top of the range. Consolidated profit plunged 56.8% year on year to Rs 263.8 crore, against Rs 610.4 crore. Revenue dropped 29.8% to Rs 4,247.3 crore from Rs 6,046.9 crore. The year-ago quarter was unusually strong, so the base is high, and earnings in the latest quarter were also hit by exceptional items. Even so, buyers stepped in and took the stock to a record high. On the daily chart, price has broken above the earlier swing high near 2,550 and is trading at an all-time high, with the long-term uptrend of higher highs and higher lows intact. Volume was 5.04M shares, well above the recent average, which supports the move. RSI(14) is at 70.83, in the overbought zone, so some consolidation near the highs is possible. The day’s high of 2,682.50 makes 2,683 the immediate resistance. In my view, the trend is strongly bullish while price holds above 2,325. A sustained move above 2,683 would open the way for a fresh leg of the rally. With RSI overbought, a pullback toward 2,325 would be a normal reset, and a close below that level would weaken the setup. Stance: strongly bullish while 2,325 holds, with 2,683 as key resistance. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.