for last five years Pharma stocks have been the darling of the market. So now we see what technically what it is indicating. Technically the the index appears to be indicating a toppish signal. if you notice the first fall it has been on very heavy volumes indicating the some major investors are not interested  and post that, the rise has been on good heavy volumes by till now it was not able to make a new high which is an indication that pharma index might have topped out and we might be reversing in coming weeks or months. Whether long term top has been made we have to see the individual stocks, it on seeing the technicals indicating the the up move might have been over. Pharma index seems to be in process of forming a topping head and shoulder pattern it appears to be in forming the final right candle and any breach of 12000 would confirm the same giving a target of 9000 so pharma up move seems to be waning.

Mahiidar M
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Trend is Friend.