Big Movers on D-Street: Should You Buy ONGC, Glenmark Pharma, and Reliance Power?

The Indian stock market continued to rise on Monday, with Sensex reaching a new record high of 84,928 and Nifty closing at 25,939. Among the stocks that saw significant gains were ONGC, Glenmark Pharma, and Reliance Power.

Here’s what Ameya Ranadive, Senior Technical Analyst at StoxBox, suggests for these stocks:

ONGC

• Current Price: ₹295.45
• ONGC has shown strength after dropping from its August high of ₹345. It has support around ₹286 and is trading close to its 50-day moving average of ₹295, signaling a neutral-to-bullish trend.
• Technical indicators suggest the stock is not overbought or oversold, and there is potential for growth if trading volumes rise. ONGC could aim for ₹315-₹320 and possibly ₹345.
• Recommendation: Watch for a breakout above ₹300 for more upside potential.

Glenmark Pharma

• Current Price: ₹1,712
• Glenmark Pharma has risen 17% in the last month, benefiting from strong performance in the Nifty Pharma index. While the stock shows a bullish trend, some profit-taking may limit short-term gains.
• The stock could face resistance at ₹1,800 but might break out if momentum continues. It is also supported by new product launches and strong quarterly profits.
• Recommendation: Buy if the stock sustains above ₹1,800, with a target of ₹1,980-₹2,050. A drop below ₹1,650 may signal weakness.

Reliance Power

• Current Price: ₹38
• Reliance Power has been gaining momentum, breaking out of previous resistance levels. It shows strong upward movement with support from high trading volumes.
• Technical indicators suggest the stock could continue to rise, with targets of ₹45-₹52. However, a drop below ₹30 could indicate short-term weakness.
• Recommendation: The stock is in a strong trend, and further gains are expected if it stays above its breakout level.

Investors should closely monitor these stocks for potential buying opportunities.