EquityPandit’s Outlook for NIFTY PHARMA for the week (April 6, 2020 – April 10, 2020):

NIFTY PHARMA

NIFTY PHARMA Index closed the week on positive note gaining 548.55 Points 8.05%.

Weekly High: 7,452.80

Weekly Low: 6,608.80

Weekly Close: 7,361.60

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7000 levels, whereas minor resistance on the upside is capped around 7550-7600 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 6700 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 7900.

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 6800 on downside and 7800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 7,985

RESISTANCE 1: 7,673

SUPPORT 1: 6,829

SUPPORT 2: 6,297