Nifty Pharma hits record; Aurobindo Pharma, Cipla, Lupin among top picks by Axis Securities
Torrent Pharmaceuticals (up 0.58%), GlaxoSmithKline Pharmaceuticals (up 4.65%), Aurobindo Pharma (up 0.02%) touching 52-week high levels, while shares of Sanofi India (up 0.57%) , Cipla (down 0.12), Zydus Lifesciences (flat at 0.05%) hovering near its 52-week high levels. According to technical analysts, there's no major reason for Pharma sector to make record high, but since last couple of weeks this space have showed signs of outperformance breaking multiple month highs.
Analysts expect this performance to continue and counter from this space likely to give trending moves, maintain positive bias and use dips to go longs. Also Read: Aurobindo Pharma share price rises more than 1% on regulatory clearance of manufacturing facilities “The Nifty Pharma index has resumed it's uptrend recently and has now breached it's previous highs indicating a continuation of the trend.
Traders can look for stock specific buying opportunities from the sector," advised an analyst. "Exciting news! Mint is now on WhatsApp Channels
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