EquityPandit’s Outlook for NIFTY PHARMA for the week (Nov 18, 2019 – Nov 22, 2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 66.80 Points 0.86%.

Weekly High: 7,853

Weekly Low: 7,553.05

Weekly Close: 7,720.60

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7550 levels, whereas minor resistance on the upside is capped around 7850-7900 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 7400 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 8100.

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 7400 on downside and 8100 on upside.

 
RESISTANCE 2: 8,008

RESISTANCE 1: 7,864

SUPPORT 1: 7,564

SUPPORT 2: 7,408