EquityPandit’s Outlook for NIFTY PHARMA for the week (July 27,2020 – July 31, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 234.20 points 2.24%.

Weekly High: 10,495.15

Weekly Low: 10,110.05

Weekly Close: 10,237.95

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 10000 levels, whereas minor resistance on the upside is capped around 10450-10500 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 9700 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 10750.

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 9800 on downside and 10700 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 10,666

RESISTANCE 1: 10,452

SUPPORT 1: 10,066

SUPPORT 2: 9,895