Buying can be done near strong support zone of 5140-5160, Keep appropriate stoploss to your long positions in midcaps/smallcaps.

Nifty View:

Stock View: Alembic Ltd

The stock has been trading in a range of 42-55 since Aug 2009 ( 10 months). Yesterday after the announcement of demerger of buisness of Alembic Pharma the stock gave a good 10% move. The stock is looking good on daily, weekly & monthly charts if it manages to sustain above 55 level. For Long Term traders: Buy Alembic on dips to 53-55 with a stoploss of 48 and look for 65/69 in 4-6 weeks. For medium term traders: Till it sustains above 55 and give a close above it, Buy Alembic above 55 with a stoploss of 50 on closing basis and look for 62/65 in short term. Today is a monthly closing for a stock, so closing above 55 will be good for the stock.

Have a wonderful trading day

Regards

Ankit