EquityPandit’s Outlook for NIFTY PHARMA for the week (Feb 17, 2020 – Feb 21, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 10.15 Points 0.12%.

Weekly High: 8,384.10

Weekly Low: 8,235

Weekly Close: 8,331.70

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 8200 levels, whereas minor resistance on the upside is capped around 8450-8475 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 8100 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 8600.

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 8150 on downside and 8550 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,466

RESISTANCE 1: 8,398

SUPPORT 1: 8,249

SUPPORT 2: 8,167