EquityPandit’s Outlook for NIFTY PHARMA for the week (June 01, 2019 – June 07, 2019):

NIFTY PHARMA:

 
NIFTY PHARMA Index closed the week on negative note losing –153.35 Points –1.78%

Technically on the daily charts we see minor support on the downside for index lies at 8200- 8150 levels, whereas minor resistance on the upside is capped around 8600– 8650 levels.

If Nifty Phamra 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 7900– 7800 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 8800– 8850

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 8800– 8850 on upside and 7900– 7800 on downside.