EquityPandit’s Outlook for NIFTY PHARMA for the week (March 09, 2020 – March 13, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 441.55 Points 5.83%.

Weekly High: 8,281.70

Weekly Low: 7,463.05

Weekly Close: 8,018.30

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7800 levels, whereas minor resistance on the upside is capped around 8250-8275 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 7500 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 8400.

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 7500 on downside and 8350 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,739

RESISTANCE 1: 8,378

SUPPORT 1: 7,560

SUPPORT 2: 7,102