EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 8600 to 8650 from where the index broke down from the lows of May-2017. If the index manages to close above these levels then the index can move to the levels of 9000 to 9050 from where the index broke down. During the week the index manages to hit a high of 8910 and close the week around the levels of 8639.

Minor support for the index lies in the zone of 8550 to 8580. Support for the index lies in the zone of 8300 to 8350 from where the index broke out of consolidation in the month of June-2014. If the index manages to close below these levels then the index can drift to the levels of 8000 to 8050 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 8600 to 8650 from where the index broke down from the lows of May-2017. If the index manages to close above these levels then the index can move to the levels of 9000 to 9050 from where the index broke down.

Broad range for the index is seen from 8000 to 8050 on downside & 9000 to 9050 on upside.