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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Aug 03,2020 – Aug 07,2020)
NIFTY PHARMA closed the week on positive note gaining 910.95 points 8.90%.
Weekly High: 11,194.45
Weekly Low: 9,994.80
Weekly Close: 11,148.90
Nifty Pharma Weekly Support and Resistance Levels:
| RESISTANCE 2 | 11979 |
| RESISTANCE 1 | 11563 |
| SUPPORT 1 | 10364 |
| SUPPORT 2 | 9579 |
NIFTY PHARMA index has given breakout of its rising channel. Index has given breakout after seven weeks of range trading activity, momentum indicator also support further uptrend in index.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 10700 levels, whereas minor resistance on the upside is capped around 11450-11500 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 10300 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 12000.
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 10500 on downside and 11900 on upside.
