Nifty Pharma Index Weekly Analysis 20-24 Jan 2020

Nifty Pharma Index 30 Min Chart 20-24 Jan 2020
Nifty Pharma Index 30 Min Chart 20-24 Jan 2020

Nifty Pharma Index fell around 0.64 percent in the week gone by 20 Jan – 24 Jan. 2020

Nifty Pharma Index rallied around 3.5 percent previous week. This week (20 Jan – 24 Jan 2020) Nifty Pharma Index was consolidating at higher levels and fell 0.64 percent. The index had 3 red days and 2 green days during the week.

Nifty Pharma Index opened around 8354 levels on Monday, made a high of 8374 on Friday, lowest levels of 8210 were touched on Thursday and closed around 8290 on Friday (24.1.2020)

On Monday ( 20-1-2020) Nifty Pharma Index opened at 8254 levels and touched a day high of 8274 on the first 5 minute candle. The index faced heavy resistance at 8275 levels and fell 123 points from day high levels to touch a day low level of 8249 at around 10.40 am. The index consolidated between 8290- 8258 levels for the rest of the day. The index closed the day at 8264 down 80 points or 0.96 percent.

On Tuesday (21-1-2020) Nifty Pharma Index opened at 8250 levels and touched a day low level of 8215 on the second 5 minute candle. The index took support at 8200 levels and rallied 98 points from day low levels to touch a day high level of 8311 at around 1.05 pm. The index closed the day at 8269 up 5 points or 0.07 percent.

On Wednesday (22-1-2020) Nifty Pharma Index opened at 8296 levels and moved higher in the morning session to touch a day high level of 8372 at around 9.35 am. The index could not move past its morning high levels and trended downwards for the rest of the day.The index fell 127 points from day high level to touch a day low level of 8244 just before the closing bell. The index closed the day at 8253 down 15 points or 0.2 percent.

On Thursday (23-1-2020) Nifty Pharma Index opened at 8245 levels and touched a day low level of 8209 on the first 5 minute candle. The index took support at 8200 levels and rallied 112 points from day low levels to touch a day high level of 8322 at around 1 pm. The index closed the day at 8296 up 41 points or 0.5 percent.

On Friday (24-1-2020) Nifty Pharma Index opened at 8291 levels and touched a day low level of 8274 on the first 5 minute candle. The index rallied 73 points from day low levels to touch a day high level of 8348 at around 9.55 am. The index consolidated around 8240 levels but moved down in the late afternoon session. The index fell 57 points from 8240 levels to close the day at 8290 down 5 points or 0.07 percent.

Nifty Pharma Index is trading around resistance level of 8342. If the index breaks this resistance level the index can rally towards 8627 levels. But if the index fails to cross 8342 l levels the index can fall towards 8163-8052 levels.

The highest gainer in the Nifty Pharma Index during the week was Lupin gaining about 3.6 percent and the biggest loser was Cipla down 4.4 percent during the week

Open Trading and Demat Account in Just 10 minutes

Be the first to comment

Leave a Reply

Your email address will not be published.


*