NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY PHARMA Index closed the week on positive note gaining 618.25 points 5.00%.

Weekly High: 13,074

Weekly Low: 12,129.25

Weekly Close: 12,995.35

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and dragged in opening session tracking broader weakness. However, index recovered from support zone and witnessed buying throughout the week.  Index ended on strong note amid buying in defensive stock.  We expect index likely to continue this uptrend going forward amid rising corona concern.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12700 levels, whereas minor resistance on the upside is capped around 13300-13350 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 12400 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 12500 on downside and 13600 on upside.