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Inverse H&S in pharma index could revive a positive bias for short-term

Pharma shares like Aurobindo Pharma, Zydus Lifesciences, Sun Pharmaceutical Industries Ltd, Glenmark Pharmaceuticals may rise up to 14 per cent.

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Pharma index is poised for a short term upside

Avdhut Bagkar Mumbai

4 min read Last Updated : Mar 28 2023 | 12:28 PM IST

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Shares of pharmaceutical companies to remain in spotlight following the index broke out of the “Inverse Head and Shoulder” pattern. While the broad trend bares weakness, the current formation may provide some respite.

Aurobindo Pharma, for instant, has conquered the key indicator, the 200-day moving average after August 2021. Zydus Lifesciences shares have gradually raising upward, with no impact of the overall stock market trend. Divi's Laboratories and Glenmark Pharmaceuticals are both firmly holding their fort over the 200-DMA.

Shares of NATCO Pharma soared over 2 per cent, while Glenmark Pharmaceuticals and Divi's Laboratories gained 1.74 per cent and 1.20

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