The Pharma Index still looks weak, this week candle is bearish candle closed at its lows. Micro structure is also of lower lows lower highs. Next support for the index is at 8800 and 8400 level. Chances are index is in a mood to consolidate for some time.
ShortTerm Target Rs. 462 LongTerm Target Rs. 485 StopLoss Rs. 437.5 CMP Rs. 447.10 SUPPORT & RESISTANCE
Pharma index has seen a rally of about 55% in the past six weeks, that's a huge and quick rally that the indexed had witnessed after a long time. The pharma index has reached a level where multiple price rejection had seen in the past [ market by circle} and this week prices resisted at the same levels. Now , it looks like would correct or we could say retrace...
Pharma Index has been in downtrend since Dec 2017, but now it has shown some strength at 8800-8300 levels. On monthly chart index has formed bullish pattern which gives us confirmation for upside.Trade with the levels.