EquityPandit’s Outlook for NIFTY PHARMA for the week (May 13, 2019 – May 17,2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing -275.85 Points -2.99%

Weekly High: 9419.7

Weekly Low: 8881.6

Weekly Close: 8944.60

Nifty Pharma index has see sharp sell off last week and index broke important support levels of 100 and 200 days exponential moving averages. Nifty Pharma may find support on the lower side around trend line support levels around 8700– 8720, as can be seen from the above chart. If index does not hold levels of 8700 we may selling pressure building in Pharma sector.

Technically on the daily charts we see minor support on the downside for index lies at 8890– 8900 levels, whereas minor resistance on the upside is capped around 9070– 9100 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 8600– 8615 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 9250– 9270

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 9250– 9270 on upside and 8600– 8615 on downside.