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NIFTY PHARMA

Nifty Pharma Outlook for the Week (Aug 24,2020 – Aug 28,2020)

NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTYPHARMA

NIFTY PHARMA Index closed the week on negative note losing 25.50 points 0.22%.

Weekly High: 11.751

Weekly Low: 11,503.05

Weekly Close: 11,614.90

Weekly Support & Resistance For Nifty Pharma Index:

RESISTANCE 2 11,870
RESISTANCE 1 11,742
SUPPORT 1 11,494
SUPPORT 2 11,375

NIFTY PHARMA index has witness consolidation after up move on daily charts. We expect index will likely to trade lackluster. However, bargain buying could emerge at support zone of rising channel.

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 11300 on downside and 12100 on upside.

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