EquityPandit’s Outlook for NIFTY PHARMA for the week (July 15, 2019 – July 19, 2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 217.80 Points +2.75%

Weekly High: 8189

Weekly Low: 7791.10

Weekly Close: 8144.30

RESISTANCE 2: 8439

RESISTANCE 1: 8292

SUPPORT 1: 7894

SUPPORT 2: 7644
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 8050 levels, whereas minor resistance on the upside is capped around 8190-8200 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 index towards major support on lower side around 7950 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 8300.

Currently NIFTY PHARMA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 8300on upside and 7950 on downside.