NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY PHARMA Index closed the week on positive note gaining 85.50 points 0.65%.

Weekly High: 13,633.40

Weekly Low: 12,999.80

Weekly Close: 13,319.75

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and extended gain in early part of the week. Index witnessed profit booking in later half of the week after relentless rally and ended with muted gain. Though index is in uptrend, it may face bout of profit booking after strong rally.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 13000 levels, whereas minor resistance on the upside is capped around 13600-13650 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 12700 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 14000.

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 12900 on downside and 13800 on upside.