EquityPandit’s Outlook for NIFTY PHARMA for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY PHARMA Index closed the week on negative note loosing -310.70 Points –3.80%
Weekly High: 8205.25
Weekly Low: 7781.85
Weekly Close: 7868.20
RESISTANCE 2: 8375
RESISTANCE 1: 8122
SUPPORT 1: 7698
SUPPORT 2: 7528
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7800 levels, whereas minor resistance on the upside is capped around 8050-8000 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 7600 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 8250.
Currently NIFTY PHARMA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 8250on upside and 7600 on downside.