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This could potentially serve as a significant inflection point for the index, shaping its future trajectory. The final target for the month, identified at the R1 (Resistance 1) level of 14,000, provides a projected goal for the bullish movement of the index. Furthermore, it is noteworthy that the index has successfully closed above the 200-day Exponential Moving Average (EMA). This positive development is considered a favorable sign for bullish traders, further bolstering the case for a bullish outlook on the NIFTY PHARMA index and its constituents. Given the confluence of these technical parameters, it is recommended that traders adopt a strategic approach of buying on market pullbacks, with a target range of 12,900 – 13,275 – 14,000.
Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn’t hold any positions in the indices.