For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY PHARMA Index closed the week on positive note gaining 146.60 points 1.15%.
Weekly High: 12,943.20
Weekly Low: 11,949.60
Weekly Close: 12,908.95
Weekly Support & Resistance For Nifty Pharma Index:
NIFTY PHARMA index opened flat and dragged in opening session of week tracking broader market. Index recovered after initial kneejerk reaction and manage to close fresh fifty two weeks high. We expect index likely to continue its uptrend as smart money moved to defensive sectors amid caution on broader indices.
Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 12650 levels, whereas minor resistance on the upside is capped around 13150-13200 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 12400 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 13500.
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 12500 on downside and 13300 on upside.