NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY PHARMA Index closed the week on positive note gaining 362.50 points 2.57%.

Weekly High: 14,530.95

Weekly Low: 13,920.20

Weekly Close: 14,464.05

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and dragged in opening session of the week. However, index soon recoup lost ground and made fresh fifty two weeks high in mid week. Index given breakout from consolidation of four weeks and ended on strong note. We expect index likely to continue this uptrend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 14250 levels, whereas minor resistance on the upside is capped around 14650-14700 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 14000 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 14900.

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 14100 on downside and 14800 on upside.