NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY PHARMA Index closed the week on positive note gaining 493.90 points 4.16%.
Weekly High: 12,400.55
Weekly Low: 11,958
Weekly Close: 12,377.10
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index opened gap up and rallied in opening session of the week. Index extended gain in later half of the week and ended on positive note. We expect index likely to continue this uptrend amid rising corona concern, momentum indicator also trending upward which suggest bullish activity.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12150 levels, whereas minor resistance on the upside is capped around 12500-12550 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 11900 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 12000 on downside and 12700 on upside.