EquityPandit’s Outlook for NIFTY PHARMA for the week (April 29,2019 – May 03,2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining +51.80 Points +0.55%

Weekly High: 9578.40

Weekly Low: 9260.95

Weekly Close: 9461.70

Nifty Pharma is trading in a classical technical upward channel pattern. Technically on the daily charts we see minor support on the downside for index lies at 9600- 9650 levels, whereas minor resistance on the upside is capped around 9400- 9450 levels.

If Nifty Phamra index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 9100- 9150 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 9800- 9850

Currently Nifty PHARMA index is trading above 200 days exponential moving average and suggests long term trend is bullish.

EquityPandit’s analyst predicts range for the week is seen from 9800-9850 on upside and 9100-9150 on downside.