Indian Bank, Cummins, Glenmark Pharma: 3 stocks ideas for near term gains, check targets

As the Indian stock markets rebound from recent carnage, Vishnu Kant Upadhyay, AVP of Research at Master Capital Services has suggested three stocks including Glenmark Pharmaceuticals Ltd, Cummins India and Indian Bank for short-terms gains based on the technical charts. Here’s what the analyst has said on these stocks:

Indian Bank | Buy | Target Price: Rs 985-1,010 | Stop Loss: Rs 833

Indian Bank is exhibiting a strong bullish setup after breaking out of a descending trendline, indicating a shift in trend bias. The stock has reclaimed all key moving averages, with positive EMA alignment reinforcing momentum strength. On the broader chart, price continues to maintain a higher high higher low structure, reflecting a sustained uptrend. The breakout was accompanied by above average volumes, indicating strong participation and conviction. Sustained price action above key averages suggest underlying demand, while RSI remains in the bullish zone, supporting further upside continuation.

Cummins India | Buy | Target Price: Rs 5,110-5,200 | Stop Loss: Rs 4,385

Prices of Cummins India Ltd are witnessing a bullish continuation setup after breaking out of a classic flag and pole pattern, indicating resumption of the prior uptrend. The breakout is further reinforced by a successful retest of the earlier breakout zone above 4550, confirming it as a strong demand area. Price continues to trade above key moving averages with positive EMA alignment, reflecting sustained momentum. The broader structure remains intact with higher highs and higher lows. RSI is holding in the bullish zone, while stable volumes post retest suggest absorption of supply, supporting further upside potential.
 

Glenmark Pharmaceuticals | Buy | Target Price: Rs 2,350-2,380 | Stop Loss: Rs 1,988

Glenmark Pharma is displaying a constructive bullish setup after retracing to its prior breakout level and witnessing a strong bounce, confirming it as a key support zone. The stock has also reclaimed the 20 EMA, indicating resumption of short-term momentum within the broader uptrend. Price structure remains supportive with higher lows intact, reflecting underlying strength. RSI is hovering around the 50 mark, suggesting a healthy momentum reset with room for expansion. Sustained price action above the 20 EMA reinforces the likelihood of continued upside from current levels