Rationale:
-- We have seen long build-up in the ALKEM Futures, where we have seen 3 per cent(Prov) rise in the Open Interest with Price rising by 0.4 per cent.
-- The stock price has already broken out on the daily chart to close at all-time high with higher volumes
-- Plus DI is trading above Minus DI while ADX is placed above 25 and rising, indicating that the stock momentum in the current uptrend
-- Oscillators like RSI and MFI are placed above 60 and sloping upwards, indicating strength in the current uptrend.
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.