NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (July 19, 2021 – July 23, 2021)
NIFTY PHARMA Index closed the week on positive note gaining 274.85 points 1.91%.
Weekly High: 14,715.15
Weekly Low: 14,322.80
Weekly Close: 14,635.05
Weekly Support & Resistance For Nifty Pharma Index:
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 14400 levels, whereas minor resistance on the upside is capped around 14850-14900 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 14200 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 15100.
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 14300 on downside and 15000 on upside.