Divis Lab, Sun Pharma: Current breakout may lead Pharma index to new peak

Pharm index has broken out on upside, with the positive rally anticipated to hit 14,450

Pharma Index is poised to hit a new all-time high in the coming sessions, with a breakout of “Golden Cross”. A bullish pattern in which a shorter moving average converges with a longer moving average, steering a bigger up move in the same direction. 

On Monday, pharm index reached a new 52-week high, indicating a robust sentiment. Shares of NATCO Pharma, Granules India and Divi's Laboratories soared close to 2 per cent each. 

Here’s the technical outlook amid pharm index witnessing a rally to a new all-time high:-

Nifty Pharm

Likely target: 14,450

Upside potential: 5%

With the breakout of