Shares of Pfizer continued attracting investors as the stock rose 4 percent in morning trade on BSE on December 3, a day after logging decent gains of 2.44 percent.
The stock gained traction after the UK has become the first country to authorise the Pfizer-BioNTech COVID-19 vaccine for use. Britain on December 2 said that the COVID-19 vaccine will be rolled out for use from next week.
“The Government has today accepted the recommendation from the Independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use,” the government said.
“The vaccine will be made available across the UK from next week," it added.
Pfizer, in November, had said that an early peek at its vaccine data suggested the shots maybe 90 percent effective at preventing COVID-19.
Read more: UK approves Pfizer's COVID-19 vaccine
As per the technical charts, it appears the stock is may go up if it sustains above Rs 5,100 levels.
Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management pointed out that between April and September, the stock formed a rounding bottom pattern on the daily chart between Rs 3,950 and Rs 5,200 levels.
For the last 3 months, the stock had been trading sideways in the range of Rs 4,850 to Rs 5,200.
"Now, it is showing signs of a breakout on the upside. If the stocks sustain above Rs 5,100 levels, it could rally towards Rs 5,630 and then towards Rs 5,770 levels. On the downside, supports are seen at Rs 5,000 and then towards Rs 4,850 levels," Chaturmohta said.
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