EquityPandit’s Outlook for NIFTY Pharma for the week  (Sep 18, 2017 – Sep 22, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 5.70%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 8950 to 9000. Resistance for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9300 to 9350 where short term moving averages are lying. During the week the index manages to hit a high of 9396 and close the week around the levels of 9338.

Support for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8900 to 8950 where break out levels are lying.

Resistance for the index lies in the zone of 9300 to 9350 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600.

Broad range for the index is seen from 9000 to 9050 on downside & 9550 to 9600 on upside.