Pharma stocks were among the prime focus sectors of Wednesday’s trade, with several names rallying on renewed investor interest.
Alkem Laboratories is one such pharma stock, climbing over 6% in the past month, reflecting sustained momentum and technical strength.
SEBI-registered analyst Akhilesh Jat observes that Alkem Laboratories has demonstrated technical strength by breaking out from an Inverse head-and-shoulders pattern, a classic bullish reversal signal in technical analysis.
The stock is currently trading near the psychological barrier of ₹5,400, which also aligns with a four-month high, suggesting heightened investor interest and momentum.
He added that a decisive move above the ₹5,400 level is likely to trigger further upward momentum, supported by positive technical indicators.
Given this setup, Akhilesh Jat identifies an intraday trading opportunity with a buy recommendation above ₹5,400, a stop loss at ₹5,292, and a target of ₹5,508.
With the broader pharma index showing strength and Alkem's chart confirming a trend reversal, the stock is now firmly on breakout watchlists.
Alkem Labs shares have fallen 5% year-to-date (YTD).
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