CNXPHARMA Channel Breakout Setup

It is been observed that the pharma sector trending in a downward trend channel and now breaking out from a small channel pattern highlighted in blue shade. With the sector trending down and moving down, it is indicating a selling pressure in all other pharma stocks like biocon , sunpharma , cipla, Ipca, and Drreddy's. Therefore, I believe it is a good time to short pharma stocks.

Target: 11475
Stoploss: 11700
Trade closed: target reached: Pharma Stock did crash as the index. Targets achieved
Please tell your views on NIFTY PHARMA INDEX.
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