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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Sept 04,2020 – Sept 18,2020)
NIFTY PHARMA Index closed the week on positive note gaining 31.85 points 0.28%.
Weekly High: 11,415.75
Weekly Low: 11,006.80
Weekly Close: 11,313.30
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 11,654 |
| RESISTANCE 1 | 11,483 |
| SUPPORT 1 | 11,074 |
| SUPPORT 2 | 10,836 |
NIFTY PHARMA index continued its sideways corrective action fourth week in row. Index formed inside day candle pattern on weekly charts. We expect index could resume uptrend after long consolidation.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11000 levels, whereas minor resistance on the upside is capped around 11600-11650 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 10700 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 12000.
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 11800 on downside and 11800 on upside.
