Overview on Pharmaceutical Markets
During the week, the markets had a good rollercoaster ride, which must have kept lot of traders on their toes.
First half looked very ominous as we saw index sliding below the important psychological level of 10500.
Certainly, it was hard to believe we would reclaim the 10500 mark immediately on the following day after seeing Wednesday’s massive sell off towards 10400. In fact, the way Friday’s session panned out, many traders trapped in the recent onslaught finally had something to cheer for.
A good stock specific relief rally towards the fag end of the week resulted into reclaiming the 10600 mark.
For the first half in the forthcoming week, the ideal strategy would be to focus on individual stocks and look to liquidate positions at higher levels.
On the lower side, the immediate support is seen in the range of 10560 – 10500; but if we have to take slightly broader view, we will not be surprised to see index retesting 10400 – 10300 levels.