NIFTY PHARMA Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY PHARMA Index closed the week on negative note losing 72.85 points 0.50%.
Weekly High: 14,938.25
Weekly Low: 14,435.75
Weekly Close: 14,514.80
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 14350 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 14150 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 14200 on downside and 14800 on upside.