CNXPHARMA trade ideas
BREAKOUT POSSIBLE IN NIFTY PHARMAConsidering the cover cases rise and the fact that a lockdown might be implemented, Pharma sector looks like a safer bet.
Resistance and support as per the chart!!
Bullishness in the pharma sectorSince the parallel channel is respected at many points...it seems like from the low of the channel it just bounced back...either it will get a resistance at the top line of the channel...or it breaks the resistance and go further high( but that seems not so easy.)..and looking at volumes...we can see the volumes are raising in the day candle... showing another conformation of bullishness...and the both ema50 are being respected also...at the day of budget anouncement pharma and it wasn't perfoming well...but when we look at the technicals now...we can see bullishness in pharma...so watch out for pharma stocks..they might give a rally
Can Pharma rally see a 2nd bull run? Only time can show that!Watching if the trigger line can be taken out!
#Elliot Wave Principle study!
NSE:CNXPHARMA
nifty -pharmarallies from support once crosses 11727 will show power of 5th wave .Buy pharma stocks which will eventually take nifty to new high
Buy and sell nifty pharmaHead and Shoulder giving below breakdown below target 11650 and giving breakout above target 12300 and 12500
Nifty Pharma hourly Chart: Bullish Momentum to ContinueNifty pharma current price near 12,321, Bullish ichimoku set up,ascending channel,should move towards 12563 and if this levels are taken off then we may see 12685 soon. RSI at 73 & ADX at 53.50, we need to be sure that both this parameter should not reverse else we may see retractment towards first conversion line ( ichimoku) at 12098 and then towards baseline at 11971.( 9 & 26 day EMA) and momentum will be bearish if both are taken off.
NIFTY PHARMA BREAKOUT ! NIFTY PHARMA CAN HEAD UP TO 13200 TO 13500 IN COMING WEEKS
SL 12100
SO SELECT THE BEST STOCKS IN NIFTY PHARMA
NIFTY PHARMANSE:CNXPHARMA
As you can see, the pharma index is approaching a resistance ahead and might reverse or consolidate
So you know what levels to look out for breakout and reversal
Company Weightage
Sun Pharmaceutical Industries Ltd. 20.43
Dr. Reddy's Laboratories Ltd. 19.51
Cipla Ltd. 13.02
Divi's Laboratories Ltd. 11.86
Aurobindo Pharma Ltd. 8.75
Lupin Ltd. 7.92
Biocon Ltd. 6.47
Torrent Pharmaceuticals Ltd. 4.65
Alkem Laboratories Ltd. 3.85
Cadila Healthcare Ltd. 3.54
