For the Week: (Dec 07,2020 – Dec 11,2020)
NIFTY PHARMA Index closed the week on positive note gaining 514.45 points 4.35%.
Weekly High: 12,393.55
Weekly Low: 11,875.60
Weekly Close: 12,353.60
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index opened gap up and rallied throughout the week. Index witnessed higher high and higher low pattern on daily charts. Momentum indictor also trending in bullish zone. We expect index likely to continue this uptrend, investor should adopt buy on dip strategy to enhance risk reward ratio.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12100 levels, whereas minor resistance on the upside is capped around 12550-12600 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 11750 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 12950.
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 11900 on downside and 12850 on upside.