NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Feb 15,2021 – Feb 19,2021)

NIFTY PHARMA Index closed the week on positive note gaining 780.40 points 6.41%.

Weekly High: 13,041

Weekly Low: 11,934.25

Weekly Close: 12,950.65

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened tad higher and dragged in opening session despite strong buying in broader market. However, index recovered then after and ended on strong note back of better than expected results of index heavy weights. We expect index likely to continue its uptrend going forward, it is wise adopt buy on dip strategy.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12600 levels, whereas minor resistance on the upside is capped around 13250-13300 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 12300 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 13700.

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 12400 on downside and 13600 on upside.