Pharma shares may turnaound soon; Cipla, Sun Pharma, Granules can gain 20%

What do expect from pharma stocks over the next few weeks? Here's what technical charts suggest.

After two successive years of gains, the Nifty Pharma index has been an underperformer so far in 2022. The index had rallied 60 per cent in 2020, and subsequently gained 10 per cent in 2021. So far in 2022, it has declined 7 per cent and treaded with a strong bearish bias in the first half of the calendar year. 

So, when will pharma stocks start to perform well or at least show signs of bottoming out?
 

Earlier this year, when the domestic indices, the BSE Sensex and Nifty 50 slipped to 52-week lows, dropping 18 per cent in