EquityPandit’s Outlook for NIFTY PHARMA for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY PHARMA Index closed the week on negative note loosing -49.50 Points -0.62%
Weekly High: 8119.40
Weekly Low: 7745.55
Weekly Close: 7983.55
RESISTANCE 2: 8,323
RESISTANCE 1: 8,153
SUPPORT 1: 7,779
SUPPORT 2: 7,575
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7755 levels, whereas minor resistance on the upside is capped around 8150-8175 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 7550 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 8350.
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 7600 on downside and 8200 on upside.