Nifty Pharma Outlook for the Week (Aug 17,2020 – Aug 21,2020)

NIFTY PHARMA Index closed the week on favorable note gaining 307.40 points 2.71%.

Technically on the day-to-day charts we see small support on the drawback for NIFTY PHARMA index lies at 11400 levels, whereas small resistance on the benefit is topped around 11900-11950 levels.

RESISTANCE 2.
12,302.

Weekly Low: 11,456.50.

SUPPORT 2.
11,125.

RESISTANCE 1.
11,971.

Weekly High: 12,045.30.

Presently NIFTY PHARMA index is trading above 200 days rapid moving typical and recommends long term pattern is bullish. EquityPandits analyst forecasts variety for the week is seen from 11300 on downside and 12100 on upside.

SUPPORT 1.
11,382.

NIFTY PHARMA index has continued its up move after provided breakout of rising channel. If profit reservation seen in broader market, Index will likely to witness buying at lower levels.

Weekly Support & & Resistance For Nifty Pharma Index:.

Weekly Close: 11,640.40.

For the Week: (Aug 17,2020– Aug 21,2020).

If NIFTY PHARMA index breaches small assistance on the drawback and closes below it, we may see fresh break down and index can drag towards major assistance on lower side around 11150 and if breaches minor resistance on the benefit and closes above it, we may see fresh breakout and index can head towards higher levels around 12200.