NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Nov 01,2021 – Nov 05,2021)

NIFTY PHARMA Index closed the week on negative note losing 70.30 points 0.50%.

Weekly High: 14,202.15

Weekly Low: 13,587.25

Weekly Close: 13,879.35

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 13550 levels, whereas minor resistance on the upside is capped around 14100-14150 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 13300 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 14350.

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 13350 on downside and 14300 on upside.