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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
NIFTY PHARMA Index closed the week on positive note gaining 8 points 0.06%.
Weekly High: 11,697.15
Weekly Low: 11,444.50
Weekly Close: 11,622.90
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 11,840 |
| RESISTANCE 1 | 11,731 |
| SUPPORT 1 | 11,479 |
| SUPPORT 2 | 11,335 |
NIFTY PHARMA index has formed flag pattern after up move on daily charts. We expect index should resume its uptrend to upper resistance zone of this flag pattern.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11450 levels, whereas minor resistance on the upside is capped around 11800-11850 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 11200 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 12200.
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 11250 on downside and 12000 on upside.
