The stock price has broken out from bullish “Pennant” pattern on the daily charts. Rising volumes during the breakout has validated the upside breakout. It has been trading above important moving average parameters, indicating uptrend on all time frames. Pharma sector has been one of the best performing sectors and is still holding its strength. The stock price has broken out from the consolidation which held for last four weeks. Indicators and oscillators like RSI, MACD and DMI have turned bullish
In the last seven weeks, the stock price has formed strong base around 228 odd levels by registering multiple bottoms. On May 4, 2021, the stock rose more than 2.5 per cent with good volumes, and surpassed the resistance of 241, which has resulted in to a breakout from the narrow consolidation, which held for seven weeks. Indicators and oscillators have turned bullish on the daily charts.
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