EquityPandit’s Outlook for NIFTY PHARMA for the week (June 15, 2020 – June 19, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 98.50 points 0.98%.

Weekly High: 10,237.05

Weekly Low: 9,687.95

Weekly Close: 9,982.80

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 9700 levels, whereas minor resistance on the upside is capped around 10200-10250 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 9350 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 10500.

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 9400 on downside and 10400 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 10,518

RESISTANCE 1: 10,250

SUPPORT 1: 9,701

SUPPORT 2: 9,420