EquityPandit’s Outlook for NIFTY Pharma for the week  (Feb 19, 2018 – Feb 23, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 9400 to 9450 where short, medium and long 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 where break down levels are lying. During the week the index manages to hit a high of 9454 and close the week around the levels of 9181.

Minor support for the index lies in the zone of 9100 to 9150. Support for the index lies in the zone of 8900 to 8950 where the index has taken support in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 8300 to 8400 where the index has taken support in the month of August-2017.

Resistance for the index lies in the zone of 9400 to 9450 where short, medium and long 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 where break down levels are lying.

Broad range for the index is seen from 8900 to 8950 on downside & 9400 to 9450 on upside.