Why Rs. 64.22 resistance level is important for SEARL

SEARL technical analysis 8 april 2024
Posted by: Jabran Kundi 60

Why Rs. 64.22 resistance level is important for SEARL

The pharma sector has been enjoying a rally for two days now and The Searle Company Limited (SEARL) has had two consecutive green days.

It has been a favourite stock of traders recently, experiencing high volume, with many calling for its bullish rally soon. Let’s look at SEARL technical analysis and see where the stock might be headed in the near term.

The biggest hurdle in its rally in the short term is the Rs. 64.22 resistance level. The price region from Rs. 59.81 to Rs. 64.22 has historical importance for SEARL.

In 2015, the 59.81 level acted as a strong resistance, with the price rejected from this level three times within the same year.


Once that resistance level was broken, it took the stock only two days to go past 64.22. This was the start of a rally that saw the stock rise to Rs. 260 within two years!

Two years later, the downtrend in the broader market brought the stock back down to the 64.22 mark. It bounced off this level multiple times in 2019, cementing it as a strong support level as shown below.


It was only in Dec 2022 that this level was tested again. This time, the support was broken and the stock has been struggling since.


In 2023 and early 2024, it made three more attempts to break through this level. However, the resistance proved too much everytime.

The current rally might make the price test the 64.22 level again. If that level is broken, which seems likely considering the hige volumes, it might well be the start of another bull rally for SEARL!

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