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The stock of Alembic Ltd witnessed a breakout of a resistance at ₹158 a couple of weeks back. But after hitting a high of ₹169, the price started to drop. This week, it found support at ₹150, where the 20-day moving average coincides. On the back of this, the scrip saw a rebound, hinting that the broader uptrend has resumed.
Today's Stock Recommendation: September 6, 2024
The price is likely to touch ₹175 in the next few sessions. That said, before this rally, the price might see a minor decline to ₹156. Therefore, traders can go long now at ₹163 and accumulate of the price dips to ₹156. Place initial stop-loss at ₹150. When the price rises to ₹170, alter the stop-loss to ₹164. Book profits at ₹175.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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