EquityPandit’s Outlook for NIFTY Pharma for the week  (Apr 23, 2018 – Apr 27, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 8850 to 8900 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9100 to 9150 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 8904 and close the week around the levels of 8820.

Support for the index lies in the zone of 8650 to 8700 where Fibonacci levels and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8350 to 8400 from where the index has broken out.

Resistance for the index lies in the zone of 8850 to 8900 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9100 to 9150 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen from 8600 to 8650 on downside & 8950 to 9000 on upside.