EquityPandit’s Outlook for NIFTY PHARMA for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY PHARMA Index closed the week on negative note loosing -239.75 Points -3.03%
Weekly High: 8073.70
Weekly Low: 7683.25
Weekly Close: 7695.30
RESISTANCE 2: 8,207
RESISTANCE 1: 7,951
SUPPORT 1: 7,561
SUPPORT 2: 7,426
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 7975-8025 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 7350 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 8200.
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 7400 on downside and 8100 on upside.