EquityPandit’s Outlook for NIFTY Pharma for the week  (July 31, 2017 – Aug 04, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 9641 and close the week around the levels of 9673.

Support for the index lies in the zone of 9550 to 9600 from where the index broke out after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9350 to 9400 where the index has taken multiple support.

Minor resistance for the index lies in the zone of 9700 to 9750. Resistance for the index lies in the zone of 9900 to 9950 where medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where Fibonacci levels and 200 daily moving averages are lying.

Broad range for the index is seen from 9350 to 9400 on downside & 9900 to 9950 on upside.