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NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Sept 21,2020 – Sept 25,2020)
NIFTY PHARMA Index closed the week on positive note gaining 1007.60 points 8.91%.
Weekly High: 12,528.85
Weekly Low: 11,186.50
Weekly Close: 12,320.90
Weekly Support & Resistance For Nifty Pharma Index:
| RESISTANCE 2 | 13,354 |
| RESISTANCE 1 | 12,837 |
| SUPPORT 1 | 12,012 |
| SUPPORT 2 | 11,495 |
NIFTY PHARMA index has given breakout of its four week trading range. We expect index could take some breather after massive weekly gain. Investor should adopt buy dip strategy as momentum indicators were in overbought zone.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12000 levels, whereas minor resistance on the upside is capped around 12600-12700 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 11600 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 13100.
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 12900 on upside.
