NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (May 10, 2021 – May 14, 2021)

NIFTY PHARMA Index closed the week on a positive note gaining 277.85 points 2.06%.

Weekly High: 13,960.80

Weekly Low: 13,200.70

Weekly Close: 13,747.10

Weekly Support & Resistance For Nifty Pharma In-dex:

NIFTY PHARMA index opened flat and dragged in the early part of the week. However, the index witnessed strong buying in midweek after RBI announcement for 50,000 cr. fund support to the health care sector. The index has witnessed muted profit booking at fag end of the week. Though the index is in an uptrend, it may take a breather after a strong rally.

Technically on the daily charts, we see minor support on the downside for the NIFTY PHARMA index lies at 13500 levels, whereas minor resistance on the upside is capped around 13950-14000 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 13300 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 14300.

Currently, the NIFTY PHARMA index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 13400 on the downside and 14200 on the upside.