Outlook remains negative
The stock of Alkem Laboratories has been in a downtrend for over two months now. The bears capitalised the barrier at ₹5,900 and triggered the sell-off in mid-January. The price action shows that negative bias remains and the chances for further decline are high. Although ₹5,000 can act as a psychological support, the nearest strong support can only be seen at ₹4,750.
We forecast the price to decline to this level in the coming weeks. So, we suggest initiating a fresh short position at ₹5,350. Place stop-loss at ₹5,520. When price slips to ₹5,000 and ₹4,850, revise the stop-loss to ₹5,200 and ₹5,000 respectively. Exit at ₹4,750.
Century Plyboards (India) (₹701.15)
Strong base ahead
The stock of Century Plyboards (India) appreciated 8 per cent last week. While it began last week on the back foot, the scrip reversed the direction soon. The base at ₹625 arrested the fall and aided an upturn. This level has been valid since August 2023, showing that it is a strong base.
Although ₹725 is a minor hurdle, the noticeable resistance is at ₹850. That said, we expect the stock to surpass this level and touch ₹900 over the medium term. Buy at ₹700 and ₹650. Keep a stop-loss at ₹585. When the stock rises to ₹775 and ₹850, alter the stop-loss to ₹710 and ₹820 respectively. Exit at ₹900.
Graphite India (₹639.65)
Bounces off a key average
The stock of Graphite India has been in an uptrend over the last one year. After facing some moderation recently, it rebounded from the 50-week moving average last week. Notably, it is the third bounce off this average in the last eight months and the price has risen well in the past two occasions.
Given this and that the broader trend is bullish, the chances for a rally is high. Buy the stock now at ₹639 and accumulate at ₹590. Place initial stop-loss at ₹540. When the price touches ₹700, raise the stop-loss to ₹640. Tighten the stop-loss further to ₹700 when the stock hits ₹750. Book profits at ₹800.
Published on March 28, 2026