EquityPandit’s Outlook for NIFTY PHARMA for the week (March 16, 2020 – March 20, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 750.30 Points 9.36%.

Weekly High: 7,999.30

Weekly Low: 6,242.85

Weekly Close: 7,268

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 6800 levels, whereas minor resistance on the upside is capped around 7550-7600 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 6300 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 7900.

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 6500 on downside and 7800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,926

RESISTANCE 1: 8,097

SUPPORT 1: 6,340

SUPPORT 2: 5,413