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NIFTY PHARMA

Observation

* On the weekly timeframe of NIFTY PHARMA, after a clear downtrend while moving in the downward channel, prices have started to form Higher High, Higher Low formation which is a positive sign for shorter to medium term for the Index.

* Prices in the latest trading week have given a breakout from the bearish channel, which was preceded by a shortfall in the channel.

* On the daily time frame prices have given a breakout from the rectangle pattern which indicates beginning of trend on the upside.

* Index on the daily time frame have sustained above key moving average (50 & 200 Days EMA) which confirms the trend is reversing to the upside. ? RSI on Weekly timeframe have given a breakout reflecting strong momentum in the prices

Inference & Expectations

* Looking at the overall structure of the prices and the evidence provided by indicator we can infer that the NIFTY PHARMA has the tendency to trend on the upside.

* Going ahead we expect the prices to go higher till the level of 13500 followed by 14000.

* Our Bullish view will be negated if we see prices sustaining below the level of 12800 marks.

NIFTY INFRA

Observation

* On the weekly timeframe of NIFTY INFRA, we can spot that the prices have shown a bounce on the upside while retesting the bearish trend line.

* Prices in August 2022 had given a breakout from the Descending Triangle pattern which indicated a beginning of the uptrend, while now in the latest week prices have closed above the prior week high which is Long Legged Doji candlestick pattern triggering the continuation of trend in the direction of breakout.

* Index on the daily time frame have sustained above key moving average (50 & 200 Days EMA) which confirms the overall trend is on the upside.

* RSI on the weekly time frame is moving in sync with the Prices which confirms that momentum is in the direction of the up move of the prices.

Inference & Expectations

* Looking at the overall structure of the prices and the evidence provided by indicator we can infer that prices shall continue its direction towards upside breakout.

* Going ahead we expect the prices to go higher till the level of 5450 followed by 5800.

* Our Bullish view shall be negated if we see prices sustaining below the level of 4800.

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