Anand Rathi’s technical analyst flags resistance zones and bearish divergences in BHEL, Glenmark Pharmaceuticals, and Canara Bank; suggests traders book profits amid fading momentum.
July-15, 2025: As Indian stock markets started the week on a subdued note, technical experts from Anand Rathi are recommending investors book profits in select high-performing stocks including Bharat Heavy Electricals Ltd (BHEL), Glenmark Pharmaceuticals, and Canara Bank, citing key resistance levels and bearish indicators.
On Monday, benchmark indices ended in the red, with the BSE Sensex falling 247.01 points (0.30%) to close at 82,253.46, while the NSE Nifty 50 dropped 67.55 points (0.27%) to settle at 25,082.30.
Here’s a breakdown of Anand Rathi’s outlook on the three stocks:
Canara Bank – Book Profits
Resistance Zone: ₹115–₹118
Support Level: ₹110
Canara Bank shares are facing multiple resistance levels near ₹115–118, which also aligns with their previous historical peak. A bearish divergence on momentum indicators is emerging, signaling a pause or reversal in the uptrend. Investors are advised to book profits at current levels and avoid new long positions for now.
BHEL – Book Profits on Bounce
Resistance Zone: ₹265–₹270
Support Level: ₹250
BHEL shares are encountering strong resistance near ₹265–270, a zone that matches their historical highs and represents a critical supply area. Bearish signals on technical charts point to weakening upside momentum. Traders are advised to book profits on any upward bounce and refrain from fresh buying at these levels.
Glenmark Pharma – Exit After Sharp Rally
Glenmark Pharmaceuticals has seen an impressive 79% rally over the past 3–4 months. However, the rally now appears overextended, and momentum indicators suggest a pullback or consolidation may follow. Analysts recommend profit-booking and waiting for a correction or base formation before entering again.
Also Read: No Panic Yet: S&P 500 Shrugs Off Trade Shock
Market Sentiment and JP Power Rally
The broader market also saw action in JP Power, which surged over 15% to ₹27.22, taking its one-month gain to nearly 54%. However, amid subdued Q1 earnings and uncertainty around US-India tariff negotiations, investors are being advised caution on high flyers.
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