Glenmark Pharma: Can the Uptrend Regain Momentum?

Glenmark Pharma closed at ₹2,410, up 1.61%, after finding support around the ₹2,350–₹2,400 zone. The key number to watch is ₹2,405, where the 20-day EMA is currently placed. Technically, the stock remains in a broader uptrend. Price is trading above the 20 EMA (₹2,405), 50 EMA (₹2,345), 100 SMA (₹2,293) and 200 SMA (₹2,175), keeping the medium- to long-term structure positive. However, the stock has recently cooled off after approaching the ₹2,500–₹2,535 zone, which is an important resistance area. The RSI is at 53.06, indicating that momentum has moderated from overbought levels but has not entered a weak zone. This leaves room for momentum to rebuild if buyers regain control. The MACD is showing some loss of short-term momentum, with the histogram turning negative. This suggests that the stock may need some consolidation before attempting another sustained upward move. From a fundamental perspective, Glenmark reported strong Q1 FY27 numbers, with consolidated revenue rising 23.1% YoY to ₹4,018 crore and net profit reaching ₹483 crore. What to watch next: ₹2,405 is the immediate support. Holding above this level can keep the recovery structure intact, while a sustained move above ₹2,450–₹2,500 would bring the recent high zone back into focus. A close below ₹2,405 may increase the probability of a deeper correction towards ₹2,345. My View: The larger trend remains positive, but short-term momentum needs confirmation. Traders should watch the ₹2,405 support and ₹2,500 resistance closely before taking a directional view. Disclosure: The views expressed are based on technical and publicly available fundamental information and are for educational purposes only. Please consult your financial advisor before making any investment decision.