Charts signal bearish trend for Nifty Pharma in near-term: Ravi Nathani

According to the technical analyst, traders must adopt 'sell-on-rise' strategy for Nifty Pharma, Nifty Energy, and Nifty Midcap 100 indices

Nifty Pharma
Last close: 11,700.40
 

Charts suggest the near-term trend is downward for the Nifty Pharma index. The expected support levels for the index are between 11,300-11,250. For traders, the best strategy would be to sell on the rise, while investors should wait until the correction is complete before accumulating between the support levels.

Technical indicators such as the MACD (Moving Average Convergence Divergence) show a downward trend, while the Bollinger Bands are sloping downwards. This indicates that underperformance is expected in the market.

In simpler terms, the bears are expected to be stronger than the bulls until the