For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY PHARMA Index closed the week on positive note gaining 12.40 points 0.10%.
Weekly High: 12,636.90
Weekly Low: 12,277.50
Weekly Close: 12,366
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index opened tad higher and rallied in opening session of the week. Index has given breakout and formed fresh 52 week’s high in opening session. However, index witness profit booking in absence of momentum despite fresh highs. Index gave up most of the gain at fag end of the week. We expect index likely to witness profit booking going forward.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12200 levels, whereas minor resistance on the upside is capped around 12500-12550 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 11900 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 12800.
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 12000 on downside and 12750 on upside.