EquityPandit’s Outlook for NIFTY PHARMA for the week (Oct 14, 2019 – Oct 18, 2019):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note loosing -118.45 Points –1.60%

Weekly High: 7414.15

Weekly Low: 7047.10

Weekly Close: 7248.45

RESISTANCE 2: 7,603

RESISTANCE 1: 7,426

SUPPORT 1: 7,058

SUPPORT 2: 6,869

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7000 levels, whereas minor resistance on the upside is capped around 7450-7500 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 6850 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 7750.

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 7000 on downside and 7550 on upside.