EquityPandit’s Outlook for NIFTY PHARMA for the week (Nov 4, 2019 – Nov 8, 2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 212.90 Points 2.75%.

Weekly High: 7,979.55

Weekly Low: 7,722.25

Weekly Close: 7,949.45

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7700 levels, whereas minor resistance on the upside is capped around 8100-8150 levels.

If NIFTY PHARMA index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 7550 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 8250.

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 7700 on downside and 8200 on upside.

RESISTANCE 2: 8,141

RESISTANCE 1: 8,045

SUPPORT 1: 7,787

SUPPORT 2: 7,626