Pharma sector has been under performing the market for last couple of years. NSE Pharma Index registered all time high of 14020 on 7th April, 2015 following a dream run. It was investors' paradise. However large players decided to take out money from the board which resulted a steep decline in most pharma stocks. NSE pharma index hit a low of 8634 on May 29, 2017; a staggering 38% fall at time when Nifty advanced 11%. The patient was in Intensive Therapy Unit or ITU.
Price then started moving northwards. NSE pharma index is now trading at 10052, a 16% rally in 3 weeks. this is excellent performance in any standard. Nifty has gained 3% at the same period. Almost two months of outpace after two years of distress. The patient is now transferred to general bed. Some value buying must have taken place. Now there is a chance of discharge. Presently pharma stocks should put in the watch-list.
Let us check the chart of NSE Pharma Index.
Last but not the least, we turn our attention to Lupin. The stock is in process of forming a bullish reversal pattern. Confirmation will come on decisive crossover above 1200.
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
Price then started moving northwards. NSE pharma index is now trading at 10052, a 16% rally in 3 weeks. this is excellent performance in any standard. Nifty has gained 3% at the same period. Almost two months of outpace after two years of distress. The patient is now transferred to general bed. Some value buying must have taken place. Now there is a chance of discharge. Presently pharma stocks should put in the watch-list.
Let us check the chart of NSE Pharma Index.
Individual stocks are showing strength. It is quite natural since index moves solely on the performance of the stock that constitute the index. We will check technicals of four pharma stocks that contribute 65% of pharma index.
Sun Pharma bears highest weightage in tune of 27% in pharma index. Though the stock has gained 16% from the low, no reversal formation in visible in chart. The stock is moving in a weekly downward channel with upper band around 670.
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| Yet to see sunshine |
Dr. Reddy has second highest weightage of 15% in pharma index. The stock has formed an inverted head and shoulder pattern subject to breakout above 2780-2800 zone.
Cipla has also formed bullish reversal formation with a tricky breakout level. 555 and 572 are two extremely important levels. Last close was 566.
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| Weightage 12.5% |
Last but not the least, we turn our attention to Lupin. The stock is in process of forming a bullish reversal pattern. Confirmation will come on decisive crossover above 1200.
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| 11% weightage |
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
9 comments:
CH: OPENING BELL
NIFTY FUTURE DOWN 33 @ 10544
BANK NIFTY FUTURE DOWN 151 @ 24991
SENSEX UP 6 @ 34445
INR @ 66.10
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