Published on 7/08/2017 5:41:01 PM | Source: GEPLCapital Ltd

NIFTY PHARMA has immediate support placed at 9060 levels - GEPL

Posted in Broking Firm Views - Sector Report | #GEPLCapital Ltd #Pharma Sector #Sector Report


Observation

*  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.

 

Stock Watch

Negative: DRREDDY, SUNPHARMA, LUPIN, DIVISLAB, GLAXO.

Positive: CIPLA, PEL.

 

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