The pharma index had a long correction from 13500 level.
There are two more reasons the correction is in process.
1. The index broke its previous support of 8315 level with Lower high ad lower low.
2. It is below 200 Weekly Moving Average.
The next support at 7200.
In Daily chart the price range between 1372-1132.
But the main concern is the stock below its 200 moving average.
Once the price close below 1130 level, then see what happened.
I will update later based on stock movement.
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There are two reasons to go short this stock.
1. The long term trend line in weekly chart had broken.
2. The stock traded below 200 weekly moving average.
Short at this level SL 515 on weekly closing basis. Target is next support at 390 level.
The stock consolidating in the range of 34.4 and 39.85 for the 6 months. Now its trying to break that level with good volumes. Accumulate in the range of 38-41. Very good sign is stock is trading above important Moving Averages. First Target is 47.6 and second is 49.4.