Next resistance for Alembic is closer to Rs 80-85. It has support around Rs 58 now, says Technical Analyst, Ashwani Gujral.
Gujral told CNBC-TV18, "Once one company does a deal then every company tend to be valued as if they are also doing a deal next morning. The next resistance for Alembic is closer to Rs 80-85, but this is more of a midcap sector move. Midcap pharmaceuticals overall has done well and Biocon deal has now helped all the stocks higher. This has support around Rs 58 now."
Alembic touched a 52-week high of Rs 72.45. The stock touched an intraday high of Rs 72.45 and an intraday low of Rs 67. At 12:37 hrs the share was quoting at Rs 70.60, up Rs 4.55, or 6.89%. It was trading with volumes of 931,394 shares. Yesterday the share closed down 3.58% or Rs 2.45 at Rs 66.05.
