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CNXPHARMA – Short term correction on cards ?
After an explosive rally of about 1500 points (8000 to ~ 9500), Nifty Pharma CNXPHARMA has been facing stiff resistance around 9500 levels for past few days.
Also, I can see that it has formed a Double top with negative divergence and broke the rising trendline today.
Most major stocks like Lupin, Dr. Reddy, Cipla which appeared to give a breakout have retraced back their gains making a strong case for a false breakout.
(I had mentioned this possibility yesterday in my ideas on Lupin, Dr. Reddy and Cipla)
If it breaks 9100 levels, we could see a retest of 8800 levels before Pharma index resumes next leg of rally.
However, if it holds 9100, the rally might continue upward without further fall.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
CNXPHARMA has been facing stiff resistance around 9500 levels for past few days.Also, I can see that it has formed a Double top with negative divergence and broke the rising trendline today.
Most major stocks like Lupin, Dr. Reddy, Cipla which appeared to give a breakout have retraced back their gains making a strong case for a false breakout.
(I had mentioned this possibility yesterday in my ideas on Lupin, Dr. Reddy and Cipla)
If it breaks 9100 levels, we could see a retest of 8800 levels before Pharma index resumes next leg of rally.
However, if it holds 9100, the rally might continue upward without further fall.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
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