Tech view: Nifty Pharma is headed for a strong rally; watch for 9350 levels

NIFTYPHARMA: The bigger picture on the chart reveals a consolidation in the range of 9050 – 8550 levels. The current price of 9200 clearly denotes breakout with immediate target levels of 9550 and 9700 levels. The technical indicator MACD (moving average convergence and divergence), is seeing a positive crossover. The rise above zero line further supports the breakout move.

In the last five sessions, the index has been hovering at 200-days moving average (DMA) located around 9230, as per daily chart. A major trigger for a bigger run stays at 9350 levels. Any move above this can see a