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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Aug 17,2020 – Aug 21,2020)
NIFTY PHARMA Index closed the week on positive note gaining 307.40 points 2.71%.
Weekly High: 12,045.30
Weekly Low: 11,456.50
Weekly Close: 11,640.40
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 12,302 |
| RESISTANCE 1 | 11,971 |
| SUPPORT 1 | 11,382 |
| SUPPORT 2 | 11,125 |
NIFTY PHARMA index has continued its up move after given breakout of rising channel. Index will likely to witness buying at lower levels if profit booking seen in broader market.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11400 levels, whereas minor resistance on the upside is capped around 11900-11950 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 11150 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 11300 on downside and 12100 on upside.
