Nifty Pharma Index Weekly Analysis 13-17 Jan 2020

Nifty Pharma Index 30 Min Chart 13-17 Jan 2020
Nifty Pharma Index 30 Min Chart 13-17 Jan 2020

Nifty Pharma Index rallied around 3.5 percent in the week gone by 13 Jan – 17 Jan. 2020

Nifty Pharma Index fell around 0.67 percent previous week. This week (13 Jan – 17 Jan 2020) Nifty Pharma Index was gained heavy upside momentum and rallied 3.5 percent. The index was green on all 5 days of the week.

Nifty Pharma Index opened around 8082 levels on Monday, made a high of 8372 on Friday, lowest levels of 8043 were touched on Wednesday and closed around 8344 on Friday (17.1.2020)

On Monday ( 13-1-2020) Nifty Pharma Index opened at 8087 levels and touched a high of 8140 on the second five minute candle which also turned out to be the highest point of the day. The index could not move any further as it faced heavy resistance at 8150 levels and fell 98 points from day high levels to touch a day low level of 8043 at around 11.30 am. The index recovered 42 points from day low levels to close the day at 8078 down 13 points or 0.17 percent.

On Tuesday (14-1-2020) Nifty Pharma index opened at 8104 and rallied 33 points from opening levels to touch a day high level of 8136 at around 9.40 am. The index faced heavy selling pressure at higher levels and fell 53 points from day high levels to touch a day low level of 8082 in the afternoon session. The index recovered 42 points from day low levels in the late afternoon session to close the day at 8123 up 46 points or 0.56 percent.

On Wednesday (15-1-2020) Nifty Pharma Index opened at 8135 levels and moved lower in the morning session to touch a day low level of 8080 at around 9.45 am. The index took support at 8080-8100 levels and rallied 97 points from day low levels to touch a day high level of 8178 just before the closing bell. The index closed the day at 8168 up 44 points or 0.55 percent.

On Thursday (16-1-2020) Nifty Pharma Index opened at 8185 levels and moved higher in the morning session to touch a day high level of 8223 on the second five minute candle. The index could not move any further and fell 46 points from day high levels to touch day low level of 8175 at around 10.30 am. The index took support at day low levels and rallied 47 points to test day high levels again. The index closing the day at 8200 up 31 points or 0.39 percent.

On Friday (17-1-2020) Nifty Pharma Index opened at 8208 levels and touched a low of 8203 on the first 5 minute candle which also turned out to be the lowest point of the day. The index trended upwards throughout the day without any major pullback. The index rallied 162 points from opening levels to touch a day high level of 8372 just before the closing bell. The index closed the day at 8344 up 143 points or 1.8 percent.

“We said in our previous weekly analysis post that if the index continues to move up it can rally towards 8351 levels. Well, the index did rallied 3.5 percent during the week and hit a high of 8376. So our analysis proved right once again.”

“On the daily Chart Nifty Pharma Index is clearly in an uptrend. if the index continues to move up in the coming days the index can rally towards 8630 levels. 8190 will act as a crucial support for the index if it decides to move down.”

The highest gainer in the Nifty Pharma Index during the week was Piramal Enterprises Ltd gaining about 13 percent during the week. No stock in the index ended the week red.

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