EquityPandit’s Outlook for NIFTY Pharma for the week  (April 10, 2017 – April 13, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 10500 to 10550. Resistance for the index lies in the zone of 10620 to 10680 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10750 to 10850 where highs for the month of February-2017 is lying. During the week the index manages to hit a high of 10557 and close the week around the levels 10286.

Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.

Minor resistance for the index lies in the zone of 10350 to 10400. Resistance for the index lies in the zone of 10620 to 10680 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10750 to 10850 where highs for the month of February-2017 is lying.

Broad range for the index is seen from 10000 to 10050 on downside & 10500 to 10550 on upside.