EquityPandit’s Outlook for NIFTY Pharma for the week  (Nov 27, 2017 – Dec 01, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that 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 9350 to 9400 where short & medium term moving averages are lying. During the week the index manages to hit a high of 9419 and close the week around the levels of 9364.

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 9100 to 9150 from where the index has opened gap up.

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

Broad range for the index is seen from 9000 to 9050 on downside & 9650 to 9700 on upside.