EquityPandit’s Outlook for NIFTY Pharma for the week  (Dec 26, 2017 – Dec 29, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 9150 to 9200 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 9418 and close the week around the levels of 9326.

Support for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8950 to 9000 where the index has formed a double bottom pattern.

Resistance for the index lies in the zone of 9350 to 9400 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 where long term moving averages are lying.

Broad range for the index is seen from 9000 to 9050 on downside & 9600 to 9650 on upside.