For the Week: (Nov 09,2020 – Nov 13,2020)
NIFTY PHARMA Index closed the week on negative note losing 259.30 points 2.25%.
Weekly High: 11,625.95
Weekly Low: 11,135.15
Weekly Close: 11,243.75
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index has mirrored the move of broader indices and ended with loss for third consecutive week. We expect profit booking in index to continue going forward.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11000 levels, whereas minor resistance on the upside is capped around 11500-11550 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 10800 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 11800.
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 10900 on downside and 11700 on upside.