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"Nifty50 has risen 1,975 points in the past six weeks. The range of 17,442-17,640 could be the next resistance band for the index while 16,752 could be the support. The index could make a new high in the current week, before running into correction the week after," said Deepak Jasani, Head of Retail Research, HDFC Securities.

The current market price of Star Health and Allied Insurance Company is Rs 738.35.

Buying demand has emerged from the 52-week EMA, which has historically acted as an incremental buying opportunity on multiple occasions (currently at Rs 2,430), which also confluences with the rising demand line joining lows since January 2021, it added.

On the technical charts, the 200-day moving average of the stock stood at Rs 217.08.

The Nifty50 has comfortably surpassed 17,000-17,100 in July and now market action will be guided by auto sales, PMI numbers and GST collection figures for cues as well as the outcome of the MPC meeting scheduled for August 5.

Cipla is on track to launch key products, such as gAdvair, gAbraxane, gRevlimid and three peptide products over FY23-24, it said, adding that the US sales run-rate will improve from H2FY23, and barring COVID-19, sales performance in India continues to be robust. The brokerage firm expects a revenue CAGR of 13 per cent, an EBITDA CAGR of 21 per cent and a PAT CAGR of 28 per cent over FY22-24E.

A total of 325,466 shares changed hands on the counter till time (IST).

The Nifty Pharma index was trading 0.26 per cent down at 12743.3.

Strides Pharma Science Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 3026.83 Crore) operating in Pharmaceuticals sector.

As of 30-Jun-2022, promoters held 74.99 per cent stake in the company, while FIIs held 8.59 per cent and domestic institutional investors had 6.33 per cent.