EquityPandit’s Outlook for NIFTY Pharma for the week (April 08, 2019 – April 12, 2019):
NIFTY PHARMA Index closed the week on negative note gaining -75 Points (-0.80%).
Weekly High: 9425.95
Weekly Low: 9163.50
Weekly Close: 9271.55
Nifty pharma has stiff resistance zone of 9350- 9650 levels, Once sustains above these levels we may see huge buying attraction, Technically on the daily charts we see minor support on the downside for index lies at 9100 -9150 levels, whereas minor resistance on the upside is capped around 9600- 9650levels.
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 8800-8900 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 8800-8900 on downside.