EquityPandit’s Outlook for NIFTY PHARMA for the week (March 23, 2020 – March 27, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 316.10 Points 4.35%.

Weekly High: 7,406.05

Weekly Low: 6,332

Weekly Close: 6,951.90

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 6500 levels, whereas minor resistance on the upside is capped around 7400-7450 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 6200 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 7600.

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 6300 on downside and 7600 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 7,970

RESISTANCE 1: 7,461

SUPPORT 1: 6,387

SUPPORT 2: 5,822