EquityPandit’s Outlook for NIFTY Pharma for the week  (June 12, 2017 – June 16, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.70%.

As we have mentioned last week that minor support for the index lies in the zone of 9050 to 9150. Support for the index lies in the zone of 8600 to 8650 where the index has formed a short term bottom. The index is in a freefall and no support levels are holding. The index can drift to the levels of 8000 to 8100 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 9150 and close the week around the levels of 9507.

Support for the index lies in the zone of 9250 to 9300 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where the index has formed a short term bottom.

Resistance for the index lies in the zone of 9700 to 9750 from where the index broke down from November-2016 lows. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900 from where the index broke down from double bottom pattern and short term moving averages are lying.

Broad range for the index is seen from 9200 to 9250 on downside & 9700 to 9750 on upside.