EquityPandit’s Outlook for NIFTY Pharma for the week  (April 24, 2017 – April 28, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10192 and close the week around the levels of 10208.

Support for the index lies in the zone of 10100 to 10200 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 9800 to 9900 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 10300 to 10350. Resistance for the index lies in the zone of 10450 to 10520 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of around 10600 to 10700 where Fibonacci level is lying.

Broad range for the index is seen from 9950 to 10000 on downside & 10500 to 10550 on upside.