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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
NIFTY PHARMA Index closed the week on positive note gaining 184.10 points 1.65%.
Weekly High: 11,478.50
Weekly Low: 11,056.95
Weekly Close: 11,333
Weekly Support & Resistance Levels for Nifty Pharma Index:
| RESISTANCE 2 | 11711 |
| RESISTANCE 1 | 11522 |
| SUPPORT 1 | 11100 |
| SUPPORT 2 | 10867 |
NIFTY PHARMA index has continued its up move after given breakout of rising channel. Index will likely to take some breather in this zone, buying on dip is advisable.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11100 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 10900 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 11800.
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 11000 on downside and 11700 on upside.
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