Signals, Powered By EquityPandit
NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
NIFTY PHARMA Index closed the week on negative note losing 725 points 5.88%.
Weekly High: 12,496.70
Weekly Low: 11,268.90
Weekly Close: 11,595.90
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 13,014 |
| RESISTANCE 1 | 12,305 |
| SUPPORT 1 | 11,077 |
| SUPPORT 2 | 10,559 |
NIFTY PHARMA index has retreated in range after it given breakout previous week. We expect index has given falls breakout and likely to witness further profit booking, momentum indicator also trending downward.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11200 levels, whereas minor resistance on the upside is capped around 11900-12000 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 10700 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 12400.
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 10800 on downside and 12200 on upside.
