April 1, 2019 / 5:11 AM / 6 months ago

BUZZ-India's Nifty Pharma index breaks resistance at 9,355, may test 9,695 - Technicals

** Nifty Pharma index gains as much as 0.74 pct and breaks above a resistance at 9,354.53 points

** Resistance at 9,354.53 points is identified as the 38.2 pct Fibonacci projection level of the uptrend from May 22, 2018 low to Sep. 10, 2018 high

** A close above this 38.2 pct level may lead to further rise up to the next resistance at 9,695.07 points, the 50 pct projection level

** Index’s 20-day exponential moving average(EMA)had cut above its 200-day EMA on Friday, seen as a bullish sign

** Index had cut above its parabolic SAR on Friday, seen favorable

** Trend Intensity(TI) indicator rises to 18, suggests index is trending upwards, MACD is positive and above its signal line

** Index up 5.4 pct this year as of last close, with Piramal Enterprises Ltd, up 16.02 pct, as the top gainer and Lupin Ltd, down 12.4 pct, as the top loser

Reporting by Gaurav Dogra

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