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Nifty Pharma Index - Bulls are Losing the Ground

Mar 16, 2022

Indian share markets surged today, tracking an overnight rise in US stocks, even as strong gains seen in most Asian markets earlier in the day, fizzled out.

As Indian equity market recover from the lows, the Nifty pharma index too witnessed a sharp recovery from ~12,300 to ~13,500 levels.

 

The index is resisting at 200DEMA (13,480) and slips lower to form the bearish candlestick pattern.

On 2hrs chart, the bearish harmonic pattern is visible right at the 200DEMA.

The bulls are losing the ground as they witness multiple bearish candlestick pattern which indicates the bears are gruffing.

Additionally, the bearish crossover on MACD signals an end to bullish momentum.

If bulls fail to close cross 13,689, it's everything for bears on the plate.

Currently, the Nifty pharma index is trading at 13,331 levels.

From the index, Piramal Enterprises and Zydus Lifesciences are the top gainers. While Cipla and Sun Pharma are among the top losers.

Note that pharma stocks have been in focus of late as companies which are exporting drugs seem to be benefitting amid the ongoing geopolitical tensions.

Last week, we saw big uptrend in select pharma companies. Cipla had rallied around 6% on Friday while Take Solutions and IOL Chemicals & Pharma also surged.

For more detailed updates, check the latest NIFTY Pharma stock results and see the latest NIFTY Pharma long term chart.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setup, join my telegram channel - Fast Profits Daily.

You'll get access to the best trading ideas in the stock market.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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