NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY PHARMA Index closed the week on positive note gaining 216.10 points 1.85%.

Weekly High: 12,056.25

Weekly Low: 11,669.05

Weekly Close: 11,883.20

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat rallied in early part of the week. Index trimmed partial gain tracking broader weakness in later half of the week and ended on positive note. We expect index could see further buying amid rising corona concern, momentum indicator also trending upward.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11650 levels, whereas minor resistance on the upside is capped around 12050-12100 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 11400 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 12400.

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 11500 on downside and 12300 on upside.