NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Sept 07,2020 – Sept 11,2020)

NIFTY PHARMA Index closed the week on negative note losing 341.45 points 2.93%.

Weekly High: 11,710.15

Weekly Low: 11,005.90

Weekly Close: 11,281.45

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index has took support at lower trend line of parallel channel and resume uptrend. However, index gave up the gain at fag end of the week. We expect index could further witness profit booking if it close below lower trend line of parallel channel.

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 10600 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 11650 on downside and 11900 on upside.