Alembic Pharmaceuticals share price has been in a uptrend March end this year. The stock rose over 3 per cent on Thursday, closed on a strong note above the psychological ₹700 mark. Near-term support is at ₹720. Below that ₹710-707 is the next strong support zone. Intermediate dips are likely to get fresh buyers in the market. So, we expect the downside to be limited to either ₹720 itself or ₹707 going forward.
We expect Alembic Pharmaceuticals share price to rise to ₹800-820 over the next three-four weeks. Traders can go long now. Accumulate at ₹722. Keep the stop-loss at ₹702. Trail the stop-loss up to ₹738 as soon as the stock moves up to ₹745. Move the stop-loss further up to ₹770 when the price touches ₹785. Exit the long positions at ₹795.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)