EquityPandit’s Outlook for NIFTY PHARMA for the week (Dec 16, 2019 – Dec 20, 2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 87.50 Points 1.10%.

Weekly High: 8,073.60

Weekly Low: 7,909.90

Weekly Close: 8,045.05

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7900 levels, whereas minor resistance on the upside is capped around 8175-8200 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 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 8300.

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 7800 on downside and 8300 on upside.

RESISTANCE 2: 8,173

RESISTANCE 1: 8,109

SUPPORT 1: 7,945

SUPPORT 2: 7,845