A long term chart of CNX Pharma Index. Light at the end of the tunnel after a 26 month ongoing correction.
Likely in its last leg of the "shakeout" bulls fall.....after which either a strong corrective rally OR even a larger reversal.
time to start focusing on select pharma stocks to start SIP for long term invesment gains.
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NIFTY PHARMA INDEX: 9 months DN trend nearer to an END.
As it is Defensive Sector, When NIFTY in Correction / Range Bound Mood.
History suggests PHARMA, FMCG Sectors Shows Pullback Action.
Watch ADX/(-VE)DI Cross Over (Nearer , Not Happened till now) in Favour of Pullback.
Chartically AUROPHARMA, CADILAHC, CIPLA, DIVISLAB, SUNPHARMA, LUPIN Looks Good.
Discl: Any...
Looking at the current scenario, it may looks like CNX-Pharma may bottom out sooner. Downside may be now over or very limited from current closing.
I think it's a best time for accumulating valued pharma stocks.
Pharma & IT are beaten down sectors for last couple of years or so. With nifty near all time high, market will be hungry for ideas. There are signs of smart money moving in these sectors in the last couple of months. By the end of 2017, these two sectors might well be the star performers of 2017.
Positional traders might take positions in pharma & IT stocks.
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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...
