Devang Shah, Technical Analyst at Angel Broking has recommended trading strategies on Glenmark Pharmaceuticals, HDFC Bank and Reliance Industries. He gave following rationale for technical strategies:

1. Glenmark Pharmaceuticals
View-Bearish
Last Close-Rs. 515

''The pharma sector has been an underperformer since last couple of years and this stock has been one of the weakest amongst its peers which is clearly reflecting in the 'lower top lower bottom' formation on the weekly chart. Moreover, RSI continues to trade in negative territory below 40 levels supporting our bearish stance. Also, the stock is continuously trading below 50-DEMA indicating further downside in the counter. Thus, we recommend a sell in this stock at current levels for a target of 477 over the next 10-15 sessions. The stop loss should be fixed at 535.''

2. HDFC Bank
View-Bullish
Last Close-Rs. 1992

''In last few days, this heavy weight banking stock has been consolidating in a narrow range. On the daily chart, prices have broken above the higher side of consolidation confirming a bullish breakout. The said breakout is witnessed with a bullish candle and above average volume. In addition, we are also witnessing a bullish crossover in RSI with its smoothened moving average. Prices are well above 50DEMA, and 200DSMA which indicate overall bullishness in the counter. Thus, we recommend buying this stock at current levels for a target of Rs 2139 over the next 10-15 sessions. The stop loss should be fixed at 1910.'' 

3. Reliance Industries
View-Bullish
Last Close-Rs. 981

''Post its Q4 result announcement, the stock witnessed correction from its recent top. The said correction got arrested around 50% retracement of recent upmove (880-1011). On the daily chart, we sense prices have resumed upmove after taking support on Channel breakout levels. Talking about major moving indicators like oscillator and averages, they continue to trade in positive territory supporting the bullish stand. Considering all the above setup a strong upside from the current levels cannot be ruled out, Thus, we recommend buying this stock at current levels for a target of 1078 over the next 10-15 sessions. The stop loss should be fixed at 929.'' 

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