EquityPandit’s Outlook for NIFTY Pharma for the week  (May 28, 2018 – June 01, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on absolutely flat note.

As we have mentioned last week, that the index has closed below the support zone of 8250 to 8300. If the index manages to close below these levels then the index can witness a major break down and can drift to the levels of 8000 to 8050 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 7900 and close the week around the levels of 8198.

Support for the index lies in the zone of 8000 to 8050. If the index manages to close below these levels then the index can witness a major break down and can drift to the levels of 7900 to 7950 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 8250 to 8300 from where the index has broken down from the March-2018 low. Resistance for the index lies in the zone of 8450 to 8500 where medium term moving averages and break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 8650 to 8700 from where the index broke down after consolidation.

Broad range for the index is seen from 7900 to 7950 on downside & 8350 to 8400 on upside.