EquityPandit’s Outlook for NIFTY PHARMA for the week (May 18, 2020 – May 22, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 250.35 Points 2.68%.

Weekly High: 9,447.95

Weekly Low: 9,065.65

Weekly Close: 9,093

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 8900 levels, whereas minor resistance on the upside is capped around 9350-9400 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 8600 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 9700.

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 8700 on downside and 9600 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 9,584

RESISTANCE 1: 9,338

SUPPORT 1: 8,956

SUPPORT 2: 8,819