EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 27, 2018 – Aug 31, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 3.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 9950 to 10000 where high for the month of November-2017 and January-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where long term Fibonacci levels are lying. During the week the index manages to hit a high of 10142 and close the week around the levels of 10061.

Minor support for the index lies around 9700 to 9800. Support for the index lies in the zone of 9450 to 9500 from where the index broke out of February-2018, June-2018 and July-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 10000 to 10100 where high for the month of November-2017 and January-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where long term Fibonacci levels are lying.

Broad range for the index is seen from 9600 to 9700 on downside & 10200 to 10300 on upside.