EquityPandit’s Outlook for NIFTY PHARMA for the week (May 4, 2020 – May 8, 2020):

NIFTY PHARMA:

NIFTY PHARMA Index closed the week on negative note losing 191.35 Points 2.01%.

Weekly High: 9,753.50

Weekly Low: 9,253.90

Weekly Close: 9,327.10

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 9000 levels, whereas minor resistance on the upside is capped around 9650-9700 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 8800 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 10000.

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 8900 on downside and 9900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 9,944

RESISTANCE 1: 9,635

SUPPORT 1: 9,136

SUPPORT 2: 8,945