CNX Pharma Daily chart
After being resilient and outperformer, there is a descending triangle breakdown in CNX Pharma neckline around 7522.80 witnessing a correction CMP 7435 on daily charts. The corrective targets for the index can be around 7200 odd levels and the next support for the index is around 7000.
The index has also broken 20 EMA indicating bearishness for near term.
It is advisable for long traders to avoid long positions in the pharma stocks in near term and short traders can short on rise.
Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.
Raju V Angadi
Equity Research Analyst
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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets
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