4 Intraday Pharma Sector Stocks for 10th January, 2024 - Ride Your Trades

The Indian pharmaceutical sector has been witnessing strong tailwinds, driven by rising domestic demand, government initiatives, and a focus on exports. Here's an intraday outlook for four leading pharma players:


IPCA Labs:

4 Intraday Pharma Sector Stocks for 10th January, 2024 - Ride Your Trades


  • Technical Setup: IPCA Labs broke out of a consolidation pattern yesterday, closing above ₹1,300. This indicates potential bullish momentum in the short term.
  • News & Catalysts: Recent expansion plans and successful product launches might fuel further upside.
  • Intraday Outlook: Look for continued uptrend with potential targets around ₹1,325 and ₹1,350. Support lies at ₹1,280.


Laurus Labs:

4 Intraday Pharma Sector Stocks for 10th January, 2024 - Ride Your Trades

  • Technical Setup: Laurus Labs is trading near its all-time high, but RSI suggests it might be slightly overbought. A pullback to ₹2,750 can provide a better entry point.
  • News & Catalysts: Strong financials and a diversified portfolio bode well for the stock. Recent USFDA approval for a key product could drive growth.
  • Intraday Outlook: Expect consolidation in the morning, followed by a potential move towards ₹2,850 later in the day. Support lies at ₹2,700.


Cipla:

4 Intraday Pharma Sector Stocks for 10th January, 2024 - Ride Your Trades

  • Technical Setup: Cipla has been range-bound between ₹680 and ₹720 for the past few weeks. A breakout on either side will determine the near-term direction.
  • News & Catalysts: Upcoming Q3 earnings and potential USFDA approvals for key drugs are crucial factors to watch.
  • Intraday Outlook: If the stock surpasses ₹720, look for targets around ₹735 and ₹750. If it falls below ₹680, support lies at ₹665.


Gland Pharma:

4 Intraday Pharma Sector Stocks for 10th January, 2024 - Ride Your Trades

  • Technical Setup: Gland Pharma has formed a bullish ascending triangle pattern. A close above ₹5,700 can trigger a breakout with potential targets around ₹5,850 and ₹6,000.
  • News & Catalysts: Growing exports and focus on injectables and specialty segments are key growth drivers.
  • Intraday Outlook: Watch for a breakout confirmation above ₹5,700. Otherwise, the stock might remain range-bound between ₹5,600 and ₹5,700.


Disclaimer: This is an intraday outlook based on technical analysis and recent news. Please consult a financial advisor before making any investment decisions.


Additional Insights:

  • Keep an eye on overall market sentiment and global cues, especially related to the pharmaceutical sector.
  • Watch for any sector-specific news or developments that could impact individual stocks.
  • Use stop-loss orders to manage risk and protect your capital.


I hope this information provides a helpful starting point for your intraday trading in pharma stocks tomorrow. Remember, the market is dynamic, and unforeseen events can occur. Make sure to adapt your strategies based on real-time developments and technical signals.

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