EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 28, 2017 – Sep 01, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 3.00%.

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 8921 and close the week around the levels of 8902.

Minor support for the index lies in the zone of 8700 to 8750. Support for the index lies in the zone of 8600 to 8650 from where the index broke out of consolidation. If the index manages to close below these levels then the index can drift to the levels of 8300 to 8350 where the index has formed a short term bottom.

Resistance for the index lies in the zone of 8900 to 8950 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 9200 to 9250 where Fibonacci levels are lying.

Broad range for the index is seen from 8600 to 8650 on downside & 9200 to 9250 on upside.