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Motilal Oswal Report
Nifty Pharma index managed to respect its previous month's low of 11006 and continuing its formation of higher lows from last five consecutive month.
Major trend of the sector is positive and recent consolidation provides a fresh opportunity to commence the next leg of rally.
It has recently taken support near to its 50 double exponential moving average and consolidating with immediate hurdle of 11600-11800 zones from last 22 trading sessions.
Mechanical indicator like relative strength index has given given bullish crossover along with its intact buy signal on daily scale.
We have witnessed good support based buying in most of the pharma heavyweights with surge in trading as well as delivery volumes which also supports to our bullish stance on the sector.
Pharma index is at the verge of fresh breakout and surpassing its falling supply trend line on lower time frame.
Thus, expecting Nifty pharma index to make a new 52-weeks high above 12000 mark. This bullish view remains intact till its sustains above support of 11000 zones.
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