EquityPandit’s Outlook for NIFTY PHARMA for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY PHARMA Index closed the week on negative note loosing -239.75 Points -3.03%
Weekly High: 7692.95
Weekly Low: 7323.30
Weekly Close: 7396.90
RESISTANCE 2: 7,840
RESISTANCE 1: 7,618
SUPPORT 1: 7,249
SUPPORT 2: 7,101
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7250 levels, whereas minor resistance on the upside is capped around 7650-7700 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 7100 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 7850.
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 7100 on downside and 7700 on upside.