EquityPandit’s Outlook for NIFTY Pharma for the week  (Jan 15, 2018 – Jan 19, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that minor support for the index lies in the zone of 9600 to 9650. Support for the index lies in the zone of 9400 to 9500 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels are lying. During the week the index manages to hit a low of 9656 and close the week around the levels of 9742.

Minor support for the index lies in the zone of 9600 to 9650. Support for the index lies in the zone of 9400 to 9500 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 9750 to 9850 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10000 to 10050 where the index has formed a top in the month of November-2017.

Broad range for the index is seen from 9500 to 9550 on downside & 9900 to 9950 on upside.