EquityPandit’s Outlook for NIFTY PHARMA for the week (May 06, 2019 – May 10,2019):

NIFTY PHARMA:

 
NIFTY PHARMA Index closed the week on negative note losing -238.55 Points -2.52%

Weekly High: 9578.4

Weekly Low: 9193.05

Weekly Close: 9220.45

Technically on the daily charts we see minor support on the downside for index lies at 9150– 9100 levels, whereas minor resistance on the upside is capped around 9300– 9350 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 9000– 8900 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 9400– 9500

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– 9500 on upside and 9000– 8900 on downside.