NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY PHARMA Index closed the week on positive note gaining 167.45 points 1.20%.
Weekly High: 14,206.95
Weekly Low: 13,849.30
Weekly Close: 14,101.55
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index opened flat and extended gain in early part of the week. However, index traded choppy and lackluster in later half of the week. Index formed triangle pattern on daily chart and likely to continue its range trading activity till it given breakout of this trading range either side.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 13900 levels, whereas minor resistance on the upside is capped around 14250-14300 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 13600 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 14600.
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 13700 on downside and 14500 on upside.