NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (March 07, 2022 – March 11, 2022)

NIFTY PHARMA Index closed the week on negative note losing 299.70 points 2.32%.

Weekly High: 12,946.20

Weekly Low: 12,478.10

Weekly Close: 12,600.15

Weekly Support & Resistance For Nifty Pharma Index:

RESISTANCE 2	13,142
RESISTANCE 1	12,871
SUPPORT 1	12,403
SUPPORT 2	12,206

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12400 levels, whereas minor resistance on the upside is capped around 12750-12800 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 12150 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 13050.

Currently NIFTY PHARMA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 12250 on downside and 12950 on upside.

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