Nifty outlook and stock recommendations by Sameet Chavan of Angel Broking

As far as levels are concerned, 8,000 followed by 7,800 would be seen as immediate supports

Relief rally fizzles out; Pharma becomes the safe haven space

During the previous week, our markets showed tremendous resilience and in the process, managed to give smart recovery of more than 15% from the lows of 7511.10. Things started to look brighter but, at present, we are in an abnormal phase and in such kind of health crisis, it would be difficult for markets to give extended relief moves. Last week, the proceedings started with a strong cut on Monday and despite some pull back on the following session, markets once again resumed its downward trajectory. Eventually, the truncated week ended