1. Nifty Pharma is in descending channel on daily timeframe.
2. It’s bearish on weekly and Monthly timeframe also.
3. Wait for “W” pattern breakout or Resistance line breakout (red line) above 13115 level for bullish trades.
4. 13115 to 13200 is major resistance zone. If this zone is crossed with strong green Candle on daily time frame and 13115 is retested and becomes a support zone it’s a bullish indication for Pharma sector.
5. Target after this retest can be upto 14000 level.
6. Major support is at 12293, Nifty Pharma has retested this level 4 times on daily timeframe in recent past.
7. As per “W” pattern if double bottom is made somewhere near 11750. Risky traders may call it bullish with a target of 13115 and 14400 level.
These are my personal views for educational purposes only. Please consult your financial advisor before investing.
Happy trading :)
2. It’s bearish on weekly and Monthly timeframe also.
3. Wait for “W” pattern breakout or Resistance line breakout (red line) above 13115 level for bullish trades.
4. 13115 to 13200 is major resistance zone. If this zone is crossed with strong green Candle on daily time frame and 13115 is retested and becomes a support zone it’s a bullish indication for Pharma sector.
5. Target after this retest can be upto 14000 level.
6. Major support is at 12293, Nifty Pharma has retested this level 4 times on daily timeframe in recent past.
7. As per “W” pattern if double bottom is made somewhere near 11750. Risky traders may call it bullish with a target of 13115 and 14400 level.
These are my personal views for educational purposes only. Please consult your financial advisor before investing.
Happy trading :)