For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY PHARMA Index closed the week on positive note gaining 221.05 points 1.87%.
Weekly High: 12,343.70
Weekly Low: 11,748.95
Weekly Close: 12,043.95
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index has continued its range trading activity with muted gain. We expect index continue this mild bullish activity till it trade above 11800 levels. Index could witnessed profit booking if it close below said levels.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11850 levels, whereas minor resistance on the upside is capped around 12350-12400 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 11400 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 12800.
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 11600 on downside and 12500 on upside.