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Ipca Labs has been trading under pressure since last two years and a few weeks ago the stock marked its 52-week low of Rs 669.80 as well in the month of May 2023.
Balrampur Chini has decisively surpassed major resistances of Rs 420 and Rs 430, respectively, amid huge volumes, making room for further upside in coming sessions.
While Nifty50 scaled a new high of 20,167.65 on the intraday basis before settling at 20,103.10, up by 33.10 points or 0.16%, S&P BSE Sensex climbed to 67,771.05.
Medium to long-term investors can look to buy the stock now as it could well double from current levels in the next 1-2 years, suggest experts.
On the daily charts, the stock recently climbed above the 50-DMA earlier in September which is a positive sign for the bulls. It is trading above most of the crucial short- and long-term moving averages.