Glenmark Pharmaceuticals Ltd. – Technical Outlook

is maintaining a strong bullish structure on the daily chart, with the stock currently trading around ₹2,391. Price is positioned above the key 10 EMA (₹2,314), 20 EMA (₹2,289), 50 EMA (₹2,260), 100 SMA (₹2,253) and 200 SMA (₹2,128), confirming a positive medium- to long-term trend. The stock has recently gained momentum after holding the ₹2,250–₹2,300 zone and is now approaching the important ₹2,400–₹2,420 resistance area, which also coincides with the previous swing-high region. A decisive breakout and sustained close above ₹2,420 could signal the next leg of the uptrend towards ₹2,465, followed by ₹2,500–₹2,550. The Bollinger Band setup remains positive, with price trading near the upper band, indicating continued buying momentum. RSI is around 64, above its signal line and comfortably above the 50 level, supporting bullish momentum without showing an extreme overbought condition. On the downside, ₹2,350–₹2,360 is the immediate support zone. The ₹2,260–₹2,290 area, supported by the moving-average cluster, remains a crucial positional support. A sustained break below ₹2,260 could lead to profit booking and weaken the bullish structure. Outlook: Bullish. The stock can be considered positive above ₹2,350, with a breakout above ₹2,420 likely to strengthen the upside momentum. The analyst does not have any interest or position in the recommended security/instrument.