NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY PHARMA Index closed the week on negative note losing 59.60 points 0.43%.

Weekly High: 14,228.60

Weekly Low: 13,893.55

Weekly Close: 13,934.10

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened flat and extended  gain in early part of the week. However, index gave up most of the gain in later half tracking below expected quarterly number from Pharma majors. We expect index likely to continue its corrective action going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 13750 levels, whereas minor resistance on the upside is capped around 14100-14150 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 14350.

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 14250 on upside.