NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY PHARMA Index closed the week on positive note gaining 149.50 points 1.12%.
Weekly High: 13,619.55
Weekly Low: 13,145.05
Weekly Close: 13,469.25
Weekly Support & Resistance For Nifty Pharma In-dex:
NIFTY PHARMA index opened tad higher amid broader gain in opening session of the week. However, index soon witnessed profit booking in early part of the week. Index traded choppy most of the week and rallied at fag end of the week, which help index to end on positive note. We expect index likely to resume uptrend going forward.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 13200 levels, whereas minor resistance on the upside is capped around 13700-13750 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 12900 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 14000.
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 13000 on downside and 13900 on upside.