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.
Keep in our watchlist.
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 Corrected From 25000 to 18830 level. Now stock is trying to change the Trend. Accumulate every dip upto 18800. Target Levels are 21000, 23000 and 25000.
Stock trending upside. First target 99-103. Second is 115-119 and the Third is 132-135 level. Price above on all Moving averages. Management commentary is very strong.
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.
