Over 75% pharma stocks eye breakout; most may see up to 15% upside

Barring, Pfizer, Gland Pharma, and Laurus Labs, all other constituents of Nifty Pharm Index trade over the 200-day simple moving average (SMA),

Nifty Pharm index clinched to a new historic peak in the recent sessions, triggering fresh breakouts in several of its constituents. Reddy laboratories, Torrent Pharmaceuticals, Zydus Lifesciences ,Sun Pharmaceutical Industries, Alkem Laboratories, Cipla, and Abbott India firmly claimed new territories hitting fresh all-time highs.

On Monday, shares of Laurus Labs soared over 6 per cent, while Gland Pharma and IPCA Laboratories gained 3 per cent each. Similarly, NATCO Pharma, Lupin and Glaxosmithkline Pharmaceuticals advanced between 1 per cent to 2 per cent in a session where benchmark indices opened on a sluggish bias.

The Pharma Index has surged over 18