EquityPandit’s Outlook for NIFTY PHARMA for the week (Nov 11, 2019 – Nov 15, 2019):

NIFTY PHARMA Index closed the week on negative note losing 162.05 Points 2.04%.

Weekly High: 8,061.95

Weekly Low: 7,771

Weekly Close: 7,787.40

NIFTY PHARMA:

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7585 levels, whereas minor resistance on the upside is capped around 8060-8100 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 7450 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 8250.

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 8100 on upside.

WEEKLY PIVOT LEVELS FOR NIFTY PHARMA:

RESISTANCE 2: 8,164

RESISTANCE 1: 7,975

SUPPORT 1: 7,684

SUPPORT 2: 7,582