GlaxoSmithKline – Technical View, demand and supply
The stock
GLAXO
is trading around ₹3106.4 on the daily chart. The stock has shown a strong recovery from the ₹2100–₹2200 zone and has recently accelerated upward with strong price momentum. The daily structure has turned strongly bullish with higher highs and higher lows visible from the June low. The sharp move from around ₹2600 towards ₹3100 indicates strong buying momentum.
Immediate resistance is around ₹3100–₹3200 followed by the previous high zone near ₹3400. On the downside ₹2900–₹3000 is the immediate support zone while ₹2600–₹2700 is the next important support area.
Short-term buyers should watch the ₹3100–₹3200 zone for sustained strength. Holders can monitor the current higher-high and higher-low structure. A sustained move above ₹3200 would keep the current bullish momentum intact while a breakdown below ₹2900–₹3000 would indicate weakness.