As i have written on Dec 10 in chart of the week Will pharma Sector will be turn around Sector of 2020-21 in indian stock market? Pharma sector have moved good upside over last 2 months ! As a trader your job is to keep updating your thesis over new data that emerge over a week or months. Our upside objective is met in pharma ! Last few weeks pharma sector is up 40-50% from bottom.
Lets look at why i think pharma sector will take some pause before it may start new bull run for further upside.
AS you can see pharma sector is facing long term trendline of downtrend from 2015 to till now ! Logically it should take some pause around this level to absorb further supply & Absorb recent gains.
Nifty pharma vs Nifty 500
Niftypharma relative to nifty 500 has also reached our upside objective after reaching downside objective. lets have a look at chart
After looking at charts , We may be see some consolidation or retracement before we move up. Overall bias looks positive in nifty pharma. We will discuss stock specific opportunity with members.
Which stocks to buy ? Focus on leaders in pharma to have outperformance !
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