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

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 9950 to 10000 from where the index broke down from double bottom pattern and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10250 to 10350 where Fibonacci level is lying. During the week the index manages to hit a high of 10260 and close the week around the levels of 10052.

Support for the index lies in the zone of 9900 to 9950 where broke out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 from where the index broke out of June-2017 highs.

Resistance for the index lies in the zone of 10250 to 10350 where Fibonacci level and 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10650 to 10750 where the index has formed a top in the month of February-2017 and March-2017.

Broad range for the index is seen from 9750 to 9800 on downside & 10250 to 10300 on upside.