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NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (May 22, 2023 – May 26, 2023)

NIFTY PHARMA Index closed the week on negative note losing 362.45 points 2.90%.

Weekly High: 12,609

Weekly Low: 12,101.15

Weekly Close: 12,124.25

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 11,950 levels, whereas minor resistance on the upside is capped around 12,250-12,300 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 11,800 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 12,450.

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 11,850 on downside and 12,400 on upside.