EquityPandit’s Outlook for NIFTY Pharma for the week  (April 17, 2017 – April 21, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.40%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10257 and close the week around the levels of 10532.

Minor support for the index lies in the zone of 10400 to 10450. 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.

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 10200 to 10250 on downside & 10800 to 10850 on upside.