Concord Biotech breaks out above ₹1,480 resistance

Concord Biotech shares cleared a key technical hurdle on Tuesday, pushing above the ₹1,480 resistance level that had capped gains for a week. The stock closed at ₹1,513.40, up about 2.2% on the session, and is now trading at its highest in more than a month.

The breakout above ₹1,480 is significant because that level had acted as a ceiling through early August, with the stock oscillating between ₹1,420 and ₹1,475. Tuesday's move, backed by above-average volume, suggests the broader uptrend that began in June has resumed after the pause, technical analysts tracking the stock said.

Moving average crossovers on the daily chart reinforce the bullish setup. The 20-day exponential moving average crossed above the 50-day EMA last week, a pattern traders often treat as a confirmation of short-term momentum. The stock is now trading above both averages, with the 20-day EMA sloping upward.

Concord Biotech's financial performance has been strong. The company reported net profit of ₹240.1 crore for the June quarter, up 32% from a year earlier and 73% sequentially. Revenue rose 9% year-on-year to ₹1,218.7 crore. EBITDA margin widened to 33.4%, compared with 29.3% a year ago and 19.1% in the March quarter. The margin improvement came from a better product mix and operating leverage, analysts at two domestic brokerages said last week.