NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Jan 25,2021 – Jan 29,2021)

NIFTY PHARMA Index closed the week on negative note losing 472.15 points 3.63%.

Weekly High: 13,013.45

Weekly Low: 12,468.75

Weekly Close: 12,542.10

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and dragged in opening session of the week. Index trimmed losses in mid week tracking recovery in broader market. However, index again face selling pressure at fag end of the week and ended on negative note. We expect index likely to continue its downtrend.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12300 levels, whereas minor resistance on the upside is capped around 12850-12900 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 12000 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 13200.

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 12100 on downside and 13000 on upside.