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A strong positive breakout is seen in Pharma stocks Due to Covid Impact; do you hold them?

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A strong positive breakout is seen in Pharma stocks Due to Covid Impact; do you hold them?

 SGX Nifty reports that the Nifty 50 opened higher than its previous finish of 18,199.1 at 18,288.8. Strong global cues were to blame for this. It swiftly turned around, though, and started to decline in the direction of the day’s low of 18,106.6. The major Wall Street indices saw their biggest daily gains so far in December on Wednesday.

In December, consumer confidence in the US rose to its highest level in 8 months, while inflation forecasts dropped to 6.7%, the lowest level since September 2021. The Nasdaq Composite increased by 1.54%, the Dow Jones Industrial Average increased by 1.6%, and the S&P 500 increased by 1.49 %. Thursday saw a similar increase in Asian counterparts to Wall Street’s overnight increase.

At 12:30 p.m., the Nifty 50 was down 91.2 points or 0.5 percent, trading at 18,107.9. Frontline indexes outperform broader market indices. While the Nifty Small-Cap 100 index is down 1.75 percent, the Nifty Mid-Cap 100 index is down 1.12%.

The BSE’s advance-decline ratio is negative, with 2940 stocks declining, 551 advancing, and 84 holding steady. PSU banks, metals, real estate, and automobiles took the most hits as all sectors traded in the negative.

Statistics as of December 21 show that FIIs were net sellers while DIIs were net buyers. Foreign Institutional Investors (FIIs) sold shares worth Rs. 1,119.11 crore. Shares were purchased by domestic institutional investors (DIIs) for Rs. 1,757.37 crore.

The stocks on the following list have experienced a significant bullish breakout.

Stock Name CMP (Rs) Change (%) Volume
IOL Chemicals and Pharmaceuticals Ltd. 406.6 1.7 44,77,830
Nureca Ltd. 580 16.8 22,39,012
Sun Pharmaceutical Industries Ltd. 1,014.80 0.9 37,38,127
Vijaya Diagnostic Centre Ltd. 483.6 1.1 28,39,792
Strides Pharma Science Ltd. 371.3 1.4 25,64,398

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