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Orchid Chemicals can test at Rs 200-205, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "Orchid Chemicals bounced back from strong support levels of around Rs 180. So very clearly after falling form levels of Rs 230 the stock was quite oversold. There was strong support of Rs 180 which was earlier a breakout level for this stock price, so bounce back from those levels probably can hit Rs 200-205. In the short-term people who have been stuck will probably get an exit around Rs 200 plus level.”
He further added, “Glenmark Pharma still looks pretty good. The stock price has been moving in a good uptrend for quite some time now; I think Rs 290-295 would be the short-term supply areas for this stock price."
Orchid Chemicals can test at Rs 200-205, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "Orchid Chemicals bounced back from strong support levels of around Rs 180. So very clearly after falling form levels of Rs 230 the stock was quite oversold. There was strong support of Rs 180 which was earlier a breakout level for this stock price, so bounce back from those levels probably can hit Rs 200-205. In the short-term people who have been stuck will probably get an exit around Rs 200 plus level.”
He further added, “Glenmark Pharma still looks pretty good. The stock price has been moving in a good uptrend for quite some time now; I think Rs 290-295 would be the short-term supply areas for this stock price."
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