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The overall scenario for the Indian equity markets has not changed yet as the higher peak and higher trough formation continues to remain intact. The short-term trend is likely to reverse only if the Nifty breaches below the 11,340-levels on closing basis.
On the upside, a break above the resistance of 11,500 would trigger a fresh breakout for the Nifty.
Nifty Pharma index continues to show immense strength post the breakout that it witnessed two weeks earlier. In fact, the index has managed to form a bullish engulfing pattern which further strengthens our conviction on the sector.
The Nifty Midcap 100 index remains stuck in a narrow trading band and is forming a Flag pattern while also sustaining above its long-term 200-DEMA, which is a positive development.
The index has broken above 19,330-levels, which has triggered a Flag pattern breakout indicating once again the broader space would attract a lot of demand.
On the upside, a break above the resistance of 11,500 would trigger a fresh breakout for the Nifty.
Nifty Pharma index continues to show immense strength post the breakout that it witnessed two weeks earlier. In fact, the index has managed to form a bullish engulfing pattern which further strengthens our conviction on the sector.
The Nifty Midcap 100 index remains stuck in a narrow trading band and is forming a Flag pattern while also sustaining above its long-term 200-DEMA, which is a positive development.
The index has broken above 19,330-levels, which has triggered a Flag pattern breakout indicating once again the broader space would attract a lot of demand.
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