There was Distribution from 13500 to 10750 zone during 2015 to 2016. Down Trend there after till June 2019. From June 2019 till March 2020 there was a accumulation phase. In April 2020 Index gave a range breakout and there was good upside which lasted till mid Sep 2020
As you can see index struggled around 12000 level during Sep 2020 to November 2020. Finally in November 2020 Index crossed 12000 level and that resistance became support and index again touched the previous all time high.
Now index is hovering in the 13500 to 12000 band, which is the small dip as marked. Usually when price wants to break a major resistance it gives such small dip. In other words what we say, One step back two steps forward kind of price movement.
My List of Pharma Stocks for playing out this move:
Thanks and good analysis, especially for hpefuls who have been holding Pharma stocks for quite some times. Chaps like me holding Sun Pharma and Granules.