NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Jan 03,2021 – Jan 07,2021)

NIFTY PHARMA Index closed the week on positive note gaining 731.75 points 5.12%.

Weekly High: 14,254.10

Weekly Low: 13,472.10

Weekly Close: 14,223

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 14000 levels, whereas minor resistance on the upside is capped around 14400-14450 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 13700 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 14700.

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 13800 on downside and 14600 on upside.