Alkem Labs extends rally on pharma buying, Saudi JV news

Alkem Laboratories shares rose as much as 3.22% in morning trade on 9 Nov 2026, their third straight gain, to the highest level since 20 Aug 2026. Support is at 5,150 and resistance at 5,510. Alkem Laboratories Limited [ ALKEM ] shares extended gains for a third straight session, rising up to 3.22% to Rs 5,475 in morning trade on 9 November 2026. The stock opened at Rs 5,319, and the day’s low was Rs 5,312.50. It was trading 2.67% higher at Rs 5,445.50, its highest level since 20 August 2026. The rise came on buying across pharma stocks and company-specific news. The company has incorporated a subsidiary in the form of a joint venture, Alkem Pharma Company, in the Kingdom of Saudi Arabia. The move aims to expand its business operations and market reach in the country. On the daily chart, the stock has bounced from the recent swing low near 4,820 and is now trading near the 5,510 resistance. This level has capped upside in recent weeks. Beyond it lies the 5,700-5,880 supply zone. The 5,150 level, which was earlier a support zone, is the immediate base for the rebound. In my view, the short-term trend has turned bullish while price holds above 5,150. A sustained close above 5,510 would bring the 5,700-5,880 zone into focus. A fall below 5,150 would weaken the setup and bring the recent low back in view. Stance: bullish while 5,150 holds, with 5,510 as the key resistance to cross. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.