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The stock of Glenmark Pharmaceuticals has been on a downtrend since July 2021 after facing resistance around ₹690.
That said, it was largely oscillating within the range of ₹385-410 for the past one month. However, it broke below the lower end of the range on Tuesday. Although it rallied on Wednesday, it is most likely to be a corrective one and there could be fresh selloffs in the upcoming sessions.
Since it has pulled back on Wednesday following a breakdown, it gives us an opportunity to consider this stock for intra-day short positions in Thursday's session. Traders can go short on the stock at the current price level of around ₹395. Place stop-loss at ₹405 as a rally beyond ₹400 might not happen, at least on Thursday. Exit the shorts when the price falls to ₹375. Those who wish to carry the shorts can do so for a target of ₹340 in a month or so. But if the stock opens above ₹400 on Thursday, refrain from trading.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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