CNXPHARMA: Pharma Index Showing Strength
#CNXPHARMA
The Pharma Index is demonstrating robust strength compared to other indices in recent sessions. Key observations include:
Bullish Momentum: The chart reflects strong bullish candles over the past few days, indicating growing buying interest.
Trend Confirmation: The index is forming a consistent pattern of Higher Highs (HH) and Higher Lows (HL), a classic sign of an uptrend.
EMA Support: All critical Exponential Moving Averages (EMAs) are providing strong support, and the price has been closing above these levels consistently, reinforcing the bullish sentiment.
Positive Relative Strength: Relative strength against Nifty has turned positive, highlighting Pharma's outperformance within the broader market.
Action Plan
Consider exploring Pharma ETFs as an option to capture the sector's upward momentum.
Analyze individual pharma stocks within the index for potential breakouts. Look for stocks aligning with this bullish trend for entry opportunities.
