EquityPandit’s Outlook for NIFTY PHARMA for the week (June 8, 2020 – June 12, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 312.70 points 3.20%.

Weekly High: 10,234.80

Weekly Low: 9,677.95

Weekly Close: 10,081.30

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 9750 levels, whereas minor resistance on the upside is capped around 10350-10400 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 9400 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 10700.

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 9500 on downside and 10600 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 10,554

RESISTANCE 1: 10,318

SUPPORT 1: 9,761

SUPPORT 2: 9,441