EquityPandit’s Outlook for NIFTY PHARMA for the week (July 20,2020 – July 24, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on positive note gaining 399.90 points 3.97%.

Weekly High: 10,497.15

Weekly Low: 10,065.95

Weekly Close: 10,472.15

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 10200 levels, whereas minor resistance on the upside is capped around 10750-10800 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 10000 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 11000.

Currently NIFTY PHARMA index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 10100 on downside and 10900 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 10,776

RESISTANCE 1: 10,624

SUPPORT 1: 10,193

SUPPORT 2: 9,913