EquityPandit’s Outlook for NIFTY PHARMA for the week (Aug 19, 2019 – Aug 23, 2019):
NIFTY PHARMA Index closed the week on negative note loosing -239.75 Points -3.03%
Weekly High: 7984.85
Weekly Low: 7550.50
Weekly Close: 7684.30
RESISTANCE 2: 8174
RESISTANCE 1: 7929
SUPPORT 1: 7495
SUPPORT 2: 7306
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7550 levels, whereas minor resistance on the upside is capped around 7750-7800 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 7300 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 8000.
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 8000 on upside and 7300 on downside.