NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Jan 31, 2022 – Feb 04, 2022)

NIFTY PHARMA Index closed the week on negative note losing 260 points 1.96%.

Weekly High: 13,238.60

Weekly Low: 12,767.40

Weekly Close: 12,983.05

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 12750 levels, whereas minor resistance on the upside is capped around 13200-13250 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 12500 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 13550.

Currently NIFTY PHARMA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 12550 on downside and 13450 on upside.