In the previous session, market had a corrective move with a negative bias throughout the day. The Nifty index opened on a positive note but soon slipped into negative territory. No recovery was seen in the market today. The Index formed a Bearish candle on the chart and closed with a net loss of 207 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Tuesday, October 04, 2022’ before the market opens.

Glenmark Pharmaceuticals Ltd.

Since the last few trading sessions, we have seen good buying in the Pharma Sector. We have shown the chart of GLENMARK PHARMA. Stock prices are moving in the Channel Pattern. In the previous session, stock formed a Bullish candle on the chart and closed with a net gain of 3.15%. Since price has comfortably closed above the channel resistance line, which suggests positive bias for the short term. In addition, the Relative Strength Index (RSI) on the daily chart is 60 indicating strength in the stock.

In short, one can initiate buy at current price and add more on dips around support levels near 397 levels. We can expect it to reach a target of 420 levels. This outlook is valid as long as we do not see any closing below 364 levels.

Check More Analysis on GLENMARK at: Glenmark Pharmaceuticals Ltd