RPG stock price started its up move from Rs 45 recorded in February 2014. The stock made a high of Rs 607 in January 2018 and continuously took the support of averages in its uptrend.

Paper stocks have been outperforming for last couple of months and sector has been holding strength on medium to long term charts.

The Nifty Auto index closed 0.3 per cent down at 13040.9.

The Nifty Bank index closed 1.28 per cent up at 42137.05.

The Nifty Realty index closed 1.67 per cent up at 448.25.

The Nifty Realty index was trading 2.38 per cent up at 451.4.

The Nifty Pharma index was trading 0.97 per cent up at 13109.4.

The Nifty Bank index was trading 1.08 per cent up at 42052.7.

The Nifty Auto index was trading 0.11 per cent up at 13094.8.

RPG Life Sciences was another stock that we selected for trade spotlight, rising 4 percent to end at record closing high of Rs 855.80. It has seen high wave kind of pattern formation on the daily charts, and bullish candle for fifth consecutive month.

Indicators and oscillators like MACD (moving average convergence and divergence) and RSI have turned bullish on the weekly charts. KIMS is placed above all important moving averages, indicating bullish trend on all time frames.

The Nifty Auto index closed 1.62 per cent up at 12699.3.

The Nifty Pharma index closed 0.76 per cent up at 12971.9.

RPG Life Sciences has broken out from the Bullish Flag pattern on the daily chart. Stock has been forming higher tops and higher bottoms on the daily charts. Recently the stock price registered fresh all-time high at Rs 804 and current levels are very near to that level.

Chandan Taparia of Motilal Oswal Securities said, Nifty needs to decisively hold above 14,400 level to witness a bounce towards 14,600 and 14,700 levels, while on the downside, support exists at 14,250 and 14,150 levels.

Companies have arranged accommodation for workers at factory and work sites and are offering them counselling, to avoid mass exodus of migrant workers as seen during the lockdown last year. They are pushing vaccination among employees.

The drugmaker wants the chronic segment to account for 50 percent of revenue. Currently, RPG Life Sciences’ business mix is heavily skewed towards acute drugs, with over two-thirds of sales coming from this segment

For this week, 11,600-11,650-11,700 remains to be a cluster of resistance, whereas, on the lower side, 11,450-11,380 is crucial support.

Yugal Sikri, Managing Director, RPG Life Sciences narrated the unprecedented chaos and disruption his company has to go through to bring a life-saving medication Azathioprine to patients in India.

The key support level for Nifty is placed at 8787.17, followed by 8607.28. If the index moves up, key resistance levels to watch out for are 9275.37 and 9583.68.

Managing Director Yugal Sikri expressed confidence about keeping up the growth momentum.

Domestic business constitutes about two-thirds of company’s revenues grew at 23 percent, and international sales that constitute the rest grew by 26 percent.

At RPG Enterprises, the reduced tax rate will help advance some of the capital expenditure, he said.