CNXPHARMA
GLENMARK BuyPharma stocks have been doing ok for some time now.
Considering the fact that they were coming from dead, there was still a lot of skepticism around though.
Today pharma had a break out day that should covert the non-believers.
While the likes of DIVISLAB and AUROPHARMA has a day in the Sun, there are better bets out there.
GLENMARK here has just broken out and will sure see much follow though as it has been a relative laggard so far.
50 points should be given to 700 level in short term. Long term investors can get in too! Excellent levels for fresh longs.
Happy trading.
Pharma index at the verge of breakout! Invest for long term CNXPHARMA index is at the verge of breakout.
If anyone yet to buy any pharma stocks, can enter safely for long term after this breakout confirmation.
Watch out for DRREDDY AUROPHARMA on Monday.
Ajanta Pharma is medium to long term buyPick AJANPHARMA as mid to long term investment.
Targets and SL on the chart
CNXPHARMA Downtrend resumption- The index level retraced to the 20 day SMA
- Even though there is a little further to go for 61.8 % Fib level, hanging man pattern is clearly visible on the chart
- Looks like a reasonable risk/reward play on the short side considering above two factors
- Sunpharma, Auropharma, Biocon, Wockpharma etc seem like a good bet
CNXPHARMA Channel Breakout SetupIt 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
CNXPharma Moving downwardsThe chart of CNXPharma suggest it ll move downwards and take most of the pharma share down.
