Leading brokerage firms have identified several stocks showing promising price trends, strong momentum, and favorable chart patterns, presenting potential short-term trading opportunities for investors. Using technical analysis indicators such as support and resistance levels, moving averages, breakouts, and trading volumes, analysts have highlighted stocks poised for further upside.
Glenmark Pharmaceuticals: Bullish Setup
SMC Global Securities recommends a 'Buy' for Glenmark Pharmaceuticals, noting a constructive bullish setup on the daily chart. The stock is trading well above its rising long-term moving average and is gradually forming higher highs and higher lows after a prolonged consolidation phase. Accumulation has been observed near the Rs 2,180–2,200 zone, with the stock attempting to move towards the upper end of its recent trading range, signaling improving buying interest.
- Recommendation: Buy
- Target Price: Rs 2,460-2,480
- Stop Loss: Rs 2,160
Momentum indicators are supportive, with the RSI-based indicator trending higher and holding around the 60 zone, indicating positive momentum without being overextended. A sustained close above Rs 2,350, ideally supported by higher volume, could confirm the next leg of the uptrend. Investors may consider accumulating the stock in the Rs 2,290–2,320 range.
Swiggy: Trend Reversal Signal
SMIFS has identified Swiggy as a 'Buy', citing a steady improvement in its price structure following a prolonged corrective phase. The stock has begun forming a pattern of higher tops and higher bottoms, a classic indication of a potential trend reversal and a shift from bearish to bullish sentiment. Recent price action suggests accumulation at lower levels, with the stock maintaining its position above short-term moving averages, reflecting improving momentum.
- Recommendation: Buy
- Target Price: Rs 300
- Stop Loss: Rs 270
Volume activity has remained supportive during the recent upward movement, indicating active participation from buyers. As long as the stock sustains above Rs 270 on a closing basis, its positive structure is expected to remain intact. Traders are advised to maintain a bullish stance with an upside target of Rs 300, while a closing below Rs 270 would trigger the stop-loss.
Punjab National Bank (PNB): Fresh Uptrend
SMC Global Securities also recommends a 'Buy' for Punjab National Bank (PNB), which is witnessing a strong trend reversal on the daily chart. The stock has broken above its long-term moving average and a prolonged consolidation zone, signaling the commencement of a fresh uptrend. PNB is consistently forming higher highs and higher lows, indicative of sustained buying interest.
- Recommendation: Buy
- Target Price: Rs 133-135
- Stop Loss: Rs 109
Momentum indicators remain constructive, with the RSI holding above the 60 zone and trending higher. The recent breakout was supported by an improvement in volume, adding conviction to the bullish setup. Immediate resistance is noted at Rs 120-122, with a major breakout hurdle near Rs 125. On the downside, the breakout zone at Rs 112-114 is expected to act as strong support, followed by a stronger base around Rs 108-110. A sustained close above Rs 122 could confirm the next leg of the rally. Investors can accumulate the stock in the Rs 118-120 range.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.