DSIJ Mindshare

From a technical standpoint, the stock exhibits a robust upward trajectory, marking a multi-year breakout reminiscent of April 2019 levels. The stock has soared to a fresh 52-week high, with all short and long-term moving averages trending upwards in the desired sequence

The Nifty Pharmaceutical index has surged by an impressive 30 per cent on a year-to-date basis in 2023, significantly outperforming the Nifty 50 index. Against the backdrop of India experiencing a single-day spike of 628 new COVID-19 cases

With this strong move, the stock witnessed a breakout of a 14-month-long rectangle pattern on the weekly chart. The rectangle pattern, characterized by two horizontal trend lines drawn across a series of price peaks and valleys, forms a rectangle shape on a stock chart.

Notably, the company's journey from almost negligible profit in the quarter ending September 2020 to the highest-ever profit of Rs 14 crore in the quarter ending September 2023 is a significant achievement. The stock has delivered multibagger returns in the last year, with an impressive jump of nearly 122 per cent.

The breakout above the cup-like pattern is supported by a robust volume, exceeding five times the 30-day average volume of 11.33 lakhs shares per day, highlighting broader participation in the direction of the trend.