NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY PHARMA Index closed the week on positive note gaining 108.20 points 0.78%.

Weekly High: 14,085.65

Weekly Low: 13,741.25

Weekly Close: 13,993.70

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and dragged in opening session of the week. However, index witnessed muted buying in later half of the week tracking broader rally and ended with muted gain. We expect index could witness profit booking going forward after strong rally if broader market remain resilient.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 13700 levels, whereas minor resistance on the upside is capped around 14150-14200 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 13500 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 14400.

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 13600 on downside and 14300 on upside.