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Nifty Pharma Index

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CNXPHARMA trade ideas

Nifty Pharma weekly view.The long term down trend seems to be broken. Trend is currently upward. Price has broken 9456, would like to see it being re-tested. Possibly price would go up and drop back today to test the trend line and then revert back up towards 9456 to 9698. This could give an indication of uptrend to continue. Another options is it just drops below to 8990 mark and hopefully bounce back from there. If price drops below 8990 I would exit from the position and look at options to re-enter.
NSE:CNXPHARMA
by svaliya1
CNX PHARMA - SHORT TERM TOP FORMEDPharma 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 some part of its rally that started from 6242 levels. 9800 - 9650 : Resistance zone 8200 -7900 : support zone
NSE:CNXPHARMAShort
by manuagarwal21
Nifty Pharma's Outperformance On PauseIn November the Nifty Pharma / Nifty 100 ratio met our downside objective as momentum diverged positively, sparking a massive 6-month period of outperformance from the Pharma sector. We've ridden this trend since it started, but prices are now back at the ratios 2014 lows and beginning to fail. What acted as support is now resistance...and following the massive run prices have had, this is a very logical level for prices to pull back and digest their recent gains. As long as prices are below their recent highs, then we'd expect the Pharma sector to underperform in the near-term. Long-term the trend in this ratio is clearly higher, but for now, we want to be taking profits as money rotates into other areas of the market that haven't run as much...like Nifty Financial Services. You can view our other ideas discussing this topic linked below.
NSE:CNXPHARMA
by AllstarchartsINDIA
Nifty Pharma Meets Near-Term ResistanceAfter a 55% rally off its March lows, the Nifty Pharma Index has confirmed a failed breakout by closing back below resistance at its early 2019 highs of 9,500. As long as prices are below that level then we'd expect some near-term weakness in this hot sector. There's a large level of support down below near 8,350, so as long as prices are above that level then any pullback would be viewed as constructive digestion of the recent gainst. We're seeing a rotation out of areas like Pharma that have led the recent rally and into laggards like Financial Services which will push the major indices higher in the near-term. Overall, the Pharma sector remains one of the strongest areas of the market, but our expectation is for some profit-taking in the coming days and weeks.
NSE:CNXPHARMA
by AllstarchartsINDIA
1
Daily Chart of Nifty Pharma Index@jagrut Daily Chart of Nifty Pharma Index: It seems that the index is on verge of completing its bearish phase which was started from April-2015. It seems the index is forming an Inverse Head & Shoulder pattern in strong downtrend. The index is forming a Right shoulder with Neckline of the pattern lies around 8600. The index has to close above the levels of 8600 for Inverse Head & Shoulder pattern to complete. View negated if the index starts to trade below the levels of 7450 which is the low formed on 02/03/2020. 7500 to 7700 levels has acted as strong demand zone for the index. For educational purpose.
NSE:CNXPHARMALong
by OPTIONS-QUANT
1