EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 07, 2017 – Aug 11, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 9708 and close the week around the levels of 9257.

Support for the index lies in the zone of 9170 to 9230 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 bottom in the month of May-2017.

Resistance for the index lies in the zone of 9350 to 9400 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 9600 to 9650 where short term moving averages are lying.

Broad range for the index is seen from 9000 to 9050 on downside & 9500 to 9550 on upside.