The pharma stock rose from Rs 291 on August 14 to Rs 435 recorded on February 15, which translates into an upside of about 50% in six months. It rose more than 6% in a week and over 20% in the last 3 months. The momentum helped the stock to break out from a month-long consolidation.
The stock hit a 52-week high of Rs 381 on November 4, 2022, but failed to hold on to the momentum. It has moved in a range since January 2023. On the upside, a level around Rs 316 acted as a stiff resistance while on the downside support was placed around Rs 260 levels on the weekly charts.