Daily Chart of Nifty Pharma Index

Jagrut

Daily Chart of Nifty Pharma Index:

It seems that the index is on verge of completing its bearish phase which was started from April-2015.

It seems the index is forming an Inverse Head & Shoulder pattern in strong downtrend.

The index is forming a Right shoulder with Neckline of the pattern lies around 8600.

The index has to close above the levels of 8600 for Inverse Head & Shoulder pattern to complete.

View negated if the index starts to trade below the levels of 7450 which is the low formed on 02/03/2020.

7500 to 7700 levels has acted as strong demand zone for the index.

For educational purpose.