EquityPandit’s Outlook for NIFTY PHARMA for the week (Feb 24, 2020 – Feb 28, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 28.65 Points 0.34%.

Weekly High: 8,473.80

Weekly Low: 8,068.20

Weekly Close: 8,364.35

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 8150 levels, whereas minor resistance on the upside is capped around 8500-8525 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 7950 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 8700.

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 8000 on downside and 8650 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,707

RESISTANCE 1: 8,536

SUPPORT 1: 8,130

SUPPORT 2: 7,896