EquityPandit’s Outlook for NIFTY PHARMA for the week (May 27, 2019 – May 31,2019)

NIFTY PHARMA:

 
NIFTY PHARMA Index closed the week on positive note gaining +159.50 Points +1.89%

Weekly High: 8725.80

Weekly Low: 8387.90

Weekly Close: 8608.45

Technically on the daily charts we see minor support on the downside for index lies at 8200- 8150 levels, whereas minor resistance on the upside is capped around 8700– 8750 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 7700– 7750 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 8900– 9000

Currently Nifty Pharma Index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 8900– 9000 on upside and 7700– 7750 on downside.