EquityPandit’s Outlook for NIFTY PHARMA for the week (March 02, 2020 – March 06, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 787.60 Points 9.42%.

Weekly High: 8,281.95

Weekly Low: 7,559

Weekly Close: 7,576.75

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 7350 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 towards major support on lower side around 7050 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 7100 on downside and 7900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,528

RESISTANCE 1: 8,052

SUPPORT 1: 7,329

SUPPORT 2: 7,082