Wounds do not heal early. Lost optimism does not home early. Since the market has witness bulging volatility due to escalation of tariff war between Sino-US, things are not expected to revive easily. Although, the 50-stock bundle is trying to consolidate around its cushion level to satisfy the increasing anxiety of the investors about the election results but a break above 11,300 levels only could tackle the dark clouds of pessimism. The Indian benchmark had a flat opening in today’s session and continued to sustain at those levels. Last hour of the market is expected to bring some action due to weekly expiry. Where all indices are performing lackluster, pharma stock bleed the most, currently trading at 8,472.5, 1.43% below from its previous close. On daily scale, the index is trading near the kissing distance of its strong support that is placed at 8,257.8 levels. The index is expected to continue its bearish momentum as it is trading below 50 days Exponential Moving Average. Awesome oscillator and RSI are hinting for more downside. Although Awesome oscillator and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Piramal Enterprise: Top loser in pharma section is trading at 2044.9, 4.34% below from its previous close. There has been a block deal of 31,235 and 222,539 shares on May 16 and May 15, 2019 respectively.
- Cadila Healthcare: The stock is trading at 253, 2.77% below from its previous close. The counter is trading near its 52-week low. There has been a block deal of 802,200 shares on May 06, 2019.
- Glenmark Pharma: Mid-cap pharma stock is trading at 575.45, 2.40% below from its previous close. The stock is trading below 50 days and 100 days Exponential Moving Average.