Weekly Picks 1st April 2024

1. LT LTP 3,764

Counter	LT LTP 3,764
Call	Buy on dip
Target 1	3,870
Target 2	4,000
Stop Loss	3,600
Time Horizon	2-3 weeks
Notes	50% Buy on dip near 3,726

Larsen & Toubro Limited (L&T) is a renowned technology, engineering, construction, and manufacturing company in India’s private sector. With over seven decades of experience, it holds leadership positions in various business lines both domestically and internationally. Its diverse portfolio includes power, infrastructure, electrical & electronics, engineering construction, and metallurgical & material handling activities.

Previous Close	3,706.40	TTM EPS	89.98
52 Week High	3,813.35	TTM PE	41.83
52 Week Low	2,121.0	P/B	5.45
Sector PE	47.02	Mkt Cap (Rs. Cr.)	5,29,130

^{_{(Source: Moneycontrol, BSE, Fisdom Research)}}

Technical Outlook

_{^{(Source: Fisdom research)}}

LT gave a technical “Cup and Handle” pattern break-out on the higher-end and prices sustained above the breakout levels on the daily chart.
The counter closed on a firm note this week, forming a tall green candle stick pattern, and has given a range breakout.
The counter is trading above its 9, 21, and 50 EMA on the daily chart confirming its overall performance.
The momentum oscillator RSI (14) has formed a cup and handle pattern and witnessed a trend line breakout above 65 levels on the daily chart with a bullish crossover and the MACD indicator is reading above its line of polarity on the daily scale.

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2. GLENMARK LTP 958

Counter	GLENMARK LTP 958
Call	Buy on dip
Target 1	1,020
Target 2	1,100
Stop Loss	885
Time Horizon	2-3 weeks
Notes	50% Buy on dip near 945

Glenmark Pharmaceuticals Ltd holds a significant presence in the branded generics markets across emerging economies, including India. The company made its mark in dermatology with the introduction of Candid Cream. Glenmark’s pioneering drug discovery efforts target key areas such as inflammation (including asthma/COPD, rheumatoid arthritis), metabolic disorders (such as diabetes, obesity), and pain (covering neuropathic and inflammatory pain). In terms of formulations, the company focuses on therapeutic areas such as dermatology, anti-infective, respiratory, cardiac, diabetes, gynecology, CNS, and oncology. India stands as the organization’s largest market in terms of revenue.

Previous Close	962.45	TTM EPS	–
52 Week High	974.00	TTM PE	–
52 Week Low	424.00	P/B	2.87
Sector PE	54.50	Mkt Cap (Rs. Cr.)	27,046

^{_{(Source: Moneycontrol, BSE, Fisdom Research)}}

Technical Outlook

_{^{(Source: Fisdom research)}}

GLENMARK on the weekly chart has witnessed a horizontal trend line breakout and prices are trading above the upper band of the range.
The counter is trading in a higher high higher low formation and post-breakout the prices are likely to continue the ongoing trend.
The counter is trading above its 21, 50, and 100 EMA on the weekly chart confirming its overall performance.
The momentum oscillator RSI (14) is reading in a bullish range shift zone between 55 – 75 and the MACD indicator is reading above its line of polarity on the weekly scale.
The Nifty Pharma Index has formed a bullish hammer candle stick on the weekly chart indicating a strong support.

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