EquityPandit’s Outlook for NIFTY Pharma for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY PHARMA Index closed the week on positive note gaining +199.90 Points (+2.22%).
Weekly High: 9345.10
Weekly Low: 9007.80
Weekly Close: 9221.75
We have seen some buying attraction last week in nifty pharma index, index settled 2.22% up, Technically on the daily charts we see minor support on the downside for index lies at 8900- 8800 levels, whereas minor resistance on the upside is capped around 9400- 9500 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 index towards major support on lower side around 8500- 8400 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 9900- 10000
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 9900- 10000 on upside and 8500- 8400 on downside.