1) The Pharma Sector is strong and there is lot of positivity around this stock so there is a very good chance that it will respect this support and will show good movement from the coming sessions.
2) The stock is over priced because of recent Heavy upside movement, moreover there is a formation which shows bearishness and if it breaks the support the it might go for the correction as shown.
So, all we need is to wait that at which side it stays, its a good entry side for both long and short!
Follow me for more.
Note: These are my own independent views, take trade as per your own analysis.