Stocks

Nifty pharma index breaks resistance at 9,355, may test 9,695

Reuters | Updated on April 01, 2019 Published on April 01, 2019

The Nifty pharma index has gained as much as 0.74 per cent to break above a resistance at 9,354.53 points.

Resistance at 9,354.53 points is identified as the 38.2 per cent Fibonacci projection level of the uptrend from its May 22, 2018, low to its September 10, 2018 high.

A close above this 38.2 per cent level may lead to a further rise to the next resistance at 9,695.07 points, the 50 per cent projection level.

The index's 20-day exponential moving average (EMA) had cut above its 200-day EMA on Friday, seen as a bullish sign. The index had cut above its parabolic SAR on Friday, which is seen as favourable.

The Trend Intensity (TI) indicator has risen to 18, suggesting the index is trending upwards, the MACD is positive and above its signal line.

The index is up 5.4 per cent this year as of the last close, with Piramal Enterprises up 16.02 per cent as the top gainer, and Lupin down 12.4 per cent as the top loser.

Published on April 01, 2019

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