June 25, 2018 / 4:54 AM / a year ago

BUZZ-India's Nifty Pharma Index hits near 5-mth high; technicals suggest end to downtrend

** India’s Nifty Pharma Index gains as much as 1.16 pct to 9,469.90, its highest since Jan 31

** Index breaks above a resistance at 9,345 points, the 23.6 pct Fibonacci retracement level of the downtrend from the April 7, 2015 high to the May 22, 2018 low reut.rs/2KgSblq

** Index also breaks above a descending trend channel spanning about 3 years, seen bullish for the index

** A surge in index’s volume supports the breakout; the 30-day average volume is 46 pct higher than its 200-day average

** Breakout suggests, index may now rise towards the next resistance at 10,238.32 points, the 38.2 pct retracement level

** Earlier this month, index broke above its 200-day exponential moving average and the average supported the index on Friday, which is seen as a positive sign

** Index’s trend intensity (TI) indicator at 32 and a positive MACD above its signal line, favor an up-move

** Nifty Pharma Index is up 15.3 pct in the last one month as of Friday’s close, outperforming the NSE Index’s 2.7 pct gains in the same period

Reporting by Gaurav Dogra

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