EquityPandit’s Outlook for NIFTY Pharma for the week  (May 02, 2017 – May 05, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.80%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10075 and close the week around the levels of 10121.

Support for the index lies in the zone of 10000 to 10100 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 9900 to 9950 on downside & 10300 to 10350 on upside.