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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Oct 05,2020 – Oct 09,2020)
NIFTY PHARMA Index closed the week on positive note gaining 227 points 1.96%.
Weekly High: 12,015.70
Weekly Low: 11,528.25
Weekly Close: 11,822.90
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 12,276 |
| RESISTANCE 1 | 12,049 |
| SUPPORT 1 | 11,562 |
| SUPPORT 2 | 11,301 |
NIFTY PHARMA index has continued its range trading activity. Index formed bullish harami candle pattern on weekly charts. If index manage to close above 12050 levels, than fresh bout of rally could expected in coming days.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11600 levels, whereas minor resistance on the upside is capped around 12050-12100 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 11300 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 11400 on downside and 12300 on upside.
