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The stock of Gland Pharma, post listing in November last year, rallied until it met with a resistance at ₹2,500 level during the final week of December. It then dropped in January but the decline was arrested at ₹2,070 level. The stock then began to recover and although it witnessed a blip in February at ₹2,500 level, it managed to surpass that mark and steadily appreciated.
In May, the stock faced a strong hurdle at ₹3,500 and consequently, it lost about 14 per cent, declining to ₹3,020 level and stayed sluggish till the final week of June. A couple of weeks ago, the stock breached the resistance at ₹3,500 and rallied to hit a fresh high of ₹3,869 on Wednesday, before closing a bit lower at ₹3,830.80.
The price action is bullish, and the stock will most likely rally from the current levels. Indicators like the RSI and the MACD on the daily chart suggest a bullish bias. Hence, buy with a stop-loss at ₹3,720 and target at ₹4,000.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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