Page 7 - Ipca Labs News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The short-term trend of Nifty continues to be negative. Having placed at long-term support at the lows, there is a possibility of a small upside bounce from near 19100-19000 levels. A breakdown of 19000 is likely to open the next downside of 18600 levels in the near term. Any upside bounce from here could find strong resistance around 19250-19350 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"On the daily charts, we can observe that the Nifty has breached the previous swing low of 19,333 it touched in the first week of October and has closed below that, indicating a breakdown. Weekly, daily and hourly momentum indicators have a negative crossover, a sell signal. Thus, both price and momentum indicators are suggesting a further decline. On the downside, Nifty is likely to drift towards 19,000 from a short term perspective. On the way up, 19,500 - 19,530 shall act as an immediate hurdle zone as per the principle of role reversal," said Jatin Gedia, Sharekhan by BNP Paribas...

The Nifty Pharma index closed 1.29 per cent down at 14911.65.

The Nifty Pharma index was trading 0.29 per cent down at 15063.05.

CA Rudramurthy BV, Vachana Investments, recommends buying ICICI Bank with a target of Rs 1,000 and Escorts with targets of 3,300 and 3,500. He believes that the broader market, especially midcaps and smallcaps, could experience further correction. Laurus Labs is expected to see selling pressure, with support levels at around 335 to 340. BSE and Ipca Labs are identified as strong buys, with Ipca Labs showing a clear breakout above 980.