Published on 7/08/2017 5:41:01 PM | Source: GEPLCapital Ltd
NIFTY PHARMA has immediate support placed at 9060 levels - GEPL
* NIFTY PHARMA is the most underperforming sectoral indices, as it closed down by a massive 4.30% at 9256.85, as against an up move of 0.52% in benchmark NIFTY 50.
* The Sector had faced a strong resistance at Higher level which is placed @ 10250 - 10300 level since last three months and eventually breached the immediate trend line support @ 9750 with a volume confirmation on weekly charts.
* Once again the Sector has created a bearish tranche with the formation of Lower Tops & Lower Bottoms on weekly chart.
* We have seen the momentum indicator like RSI is moving towards downside and currently located @ 32 mark; which is an add on cause for current Bearish momentum.
* The support level is placed at 9060 - 8630 levels whereas the resistance zone is placed at 9500 – 9750.
Negative: DRREDDY, SUNPHARMA, LUPIN, DIVISLAB, GLAXO.
Positive: CIPLA, PEL.
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