Nifty Pharma index surpasses 200-DMA; Cipla, Granules can soar up to 15%

The Pharma benchmark has outperformed the overall market in recent trading sessions; sustenance above 200-DMA is likely to trigger further gains for it

The Nifty Pharma index leaped over the 200-day moving average (DMA) on Monday for the first-time since this April. The inability to carry forward the buying momentum in that month had led the Pharma index to decline to a fresh 52-week low of 11,726 in June.

Last week, the NSE Pharma index soared 2.85 per cent and was one of the top performers in an otherwise weak market. In comparison, the benchmark indices, the BSE Sensex and Nifty 50 negated the double top formation in late September, and shed around 1.3 per cent each.

The Pharma index has carried forward