Published on 13/02/2017 5:03:19 PM | Source: GEPLCapital Ltd
Nifty Pharma has immediate support placed at 10150 levels - GEPL
NIFTY PHARMA Current Close: 10438.10 Trend : Negative
* NIFTY PHARMA is one of the perennially underperforming sectoral indices, as it closed down by around 1.11% at 10438.10, as against an up move of 0.60% in benchmark NIFTY 50.
* The Sector had made a recent swing high @ 11215.45 in the month of Dec 2016, lower, as compared to Sep 2016. Thus it has failed to sustain at higher levels and also formed a Double Top formation on weekly charts.
* The Sector has continued with its bearish momentum with the formation of Lower Tops & Lower Bottoms, since last three consecutive months.
* We have seen the prices sustaining a negative crossover of medium term 13(10601) & 34 (10943) exponential moving average on weekly charts since last 15 weeks; which is an add on cause for current Bearish momentum.
* The support level is placed at 10050 – 9800 levels whereas the resistance zone is placed at 10820 - 11200.
Negative: AUROPHARMA, DIVISLAB, LUPIN, DRREDDY, GLAXO.
Positive: - CIPLA, PEL.
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