The decline in pharma stocks followed comments from President Donald Trump, who indicated that the US may impose tariffs of around 25 per cent on pharmaceutical, automobile, and semiconductor imports
Technical chart suggests that the Nifty Auto, IT and Pharma indices can potentially fall up to 22% from present levels if these key support levels are broken.
Stock market today: What are the key support, resistance levels for the Nifty Pharma, and Energy indices? What should be the trading strategy? Here is your trading guide for stock market today
Individually, Cipla soared up to 3.68 per cent to hit an intraday high of Rs 1,547.70 per share, while Sun Pharma soared up to 3.30 per cent to hit an intraday high of Rs 1,791.60 per share
The Nifty FMCG index is currently exhibiting a downward trend in the near term, while Nifty Pharma index continues to exhibit a bearish trend in the near term
Analysts believe that Indian export-oriented sectors such as pharma and IT may experience challenges under Donald Trump's rule. Here's how Nifty IT and Pharma indices are placed on charts.
The Nifty Pharma Index is currently trading within a well-defined range between 23,800 and 22,700. A breakout above or below these levels will likely trigger a directional move
Shilpa Medicare share price surged after the company said that its arm, Shilpa Pharma Lifesciences, has received certificate of suitability (CEP) from EDQM for API, Desmopressin
The Nifty Pharma Index remains range-bound, trading between 23,450 and 22,925. A close above or below these levels would act as a directional trigger, leading to either a bullish or bearish breakout.
The Nifty Pharma Index is currently trading in a defined range between 23,700 and 22,700. This suggests that the market is experiencing indecision, with neither buyers nor sellers dominating.
The shares of Panacea Biotec rose after the company announced that it has secured $20 million in loan from US International Development Finance Corp (DFC).