Alpa Laboratories: Retest of Breakout Line with Strong RSI

Dec 3, 2024

Stock: Alpa Laboratories Ltd.

Analysis:
Alpa Laboratories is retesting its breakout line (uptrend resistance line) on the weekly chart, a critical level that could act as support. If demand emerges at this level, the stock has the potential to stage up to ₹144. and then later on more

Additional Strength Indicators:

RSI: Momentum remains strong, supporting a potential rebound.
LPS TSS Indicator: Buy signal triggered on the hourly timeframe, suggesting near-term bullishness.
Fundamental Highlights:

Quarterly Net Profit: ₹8 Cr, reflecting a 32.9% YoY growth.
FII/FPI Holdings: Increased from 0.36% to 0.74%, with the number of investors rising from 2 to 5.
Institutional Holdings: Overall increase from 0.36% to 0.74%, signaling growing institutional confidence.
Technical Setup:

Retest Zone: The stock is at a crucial support level, testing its breakout line.
Volume: Monitor for a rise in buying activity to confirm demand.
Trade Plan:

Entry: Near the breakout line retest zone with confirmation of demand.
Target: Pullback to ₹144.
Stop Loss: Below the support zone at ₹128 to manage risk.
Note: Strong fundamentals, improving institutional interest, and technical buy signals make Alpa Laboratories a promising candidate for a pullback trade.

Dec 10, 2024

Trade active

Dec 10, 2024

Note

5% up