Healthcare at new high; Lupin, Glenmark among 5 stocks for up to 15% upside

5 breakout pharma stocks: Glenmark, Lupin, Laurus Labs, Dr Lal PathLabs and Zydus Life can potentially rally up to 15 per cent, suggest charts.

The NSE Healthcare index logged a fresh all-time high at 12,947.55 in Friday's intra-day trades, even as the broader market witnessed some profit-taking.

At 10:30 hrs, the NSE Healthcare index was up 0.9 per cent at 12,930. In comparison, the NSE Nifty 50 benchmark was down 0.3 per cent at 24,225.

Glenmark Pharma, Divis Lab, Laurus Labs, Cipla, Zydus Lifesciences, IPCA Labs and Biocon were few of the performers in trades on Friday within the healthcare space.

Meanwhile, stocks such as Glenmark Pharma, Lupin, Laurus Labs, Dr Lal PathLabs and Zydus Lifesciences had given a breakout on the daily charts and were seen trading above the higher-end of the respective Bollinger Bands.

Here are the key support and resistance levels to watch on the healthcare (pharma) stocks, as they attempt a potential upward journey.

Nifty Healthcare

Current Level: 12,930

Upside Potential: 4.4%

Support: 12,800; 12,740

Resistance: 13,070; 13,225; 13,380

The Nifty Healthcare index is expected to trade with a positive bias as long as the index sustains above 12,800 levels. The index is seen quoting above the higher-end of the Bollinger Bands, both, on the daily and weekly scale. The weekly chart suggests support for the index at 12,740. CLICK HERE FOR THE CHART

On the upside, the index seems on course to test 13,500-odd levels in the coming sessions. Interim resistance for the Healthcare index can be expected around 13,070, 13,225 and 13,380 levels.

Glenmark Pharma

Current Price: Rs 1,326

Upside Potential: 7.1%

Support: Rs 1,305; Rs 1,240

Resistance: Rs 1,348; Rs 1,363; Rs 1,384

Glenmark Pharma stock is seen trading firmly above its higher-end of the Bollinger Bands on the daily scale for the third straight day. The near-term bias for the stock is likely to remain upbeat as long as the stock holds above Rs 1,305. Major support for the stock stands at Rs 1,240 levels. CLICK HERE FOR THE CHART

On the upside, the stock can potentially rally to Rs 1,420 levels, with interim resistance likely around Rs 1,348, Rs 1,363 and Rs 1,384 levels.

Lupin

Current Price: Rs 1,768

Upside Potential: 15.5%

Support: Rs 1,725; Rs 1,620

Resistance: Rs 1,883

The higher-end of the Bollinger Bands for Lupin stands at Rs 1,725 on the daily scale; this is likely to act as the bullish pivot for now. Break and sustained trade below the same, can trigger a dip towards Rs 1,620, which is likely to act as a major support. CLICK HERE FOR THE CHART

On the upside, the stock is likely to rally towards Rs 2,042 levels, with interim resistance seen at Rs 1,885, suggests the yearly Fibonacci analysis.

Laurus Labs

Current Price: Rs 458

Upside Potential: 9.6%

Support: Rs 453; Rs 444; Rs 430

Resistance: Rs 471

Laurus Labs stock is seen trading above the higher-end of the Bollinger Bands for the second straight trading session. The stock is quoting near high of Rs 471 hit on April 10, which may act as a near-term hurdle. CLICK HERE FOR THE CHART

Breakout above the same, can trigger a rally towards Rs 502; wherein stands the super trend line resistance on the monthly scale.

Having said that, the stock has made significant positive strides on the weekly chart. The near-term bias for the stock is likely to remain positive as long as it trades above Rs 453; below which support is seen at Rs 444 and Rs 430 levels.

Dr Lal PathLabs

Current Price: Rs 2,910

Upside Potential: 8.3%

Support: Rs 2,895

Resistance: Rs 2,950

On the daily chart, Dr Lal PathLabs stock is quoting above the higher end of the Bollinger Bands for the second straight day. The near-term bias for the stock is likely to remain positive as long as it holds above Rs 2,895. On the upside, the stock seems headed towards Rs 3,150, with some resistance seen around Rs 2,950 levels. CLICK HERE FOR THE CHART

Zydus Lifesciences

Current Price: Rs 1,154

Upside Potential: 7%

Support: Rs 1,135; Rs 1,110

Resistance: Rs 1,170

Zydus Lifesciences is seen trading above the higher-end of the anticipated trading band for the second day in a row. The stock has near support at Rs 1,135, below which it can seek support around Rs 1,110 levels. CLICK HERE FOR THE CHART

On the upside, the stock needs to trade consistently above Rs 1,170 for further gains to emerge. On the upside, the stock can potentially rally to Rs 1,205 - Rs 1,235 levels.