EquityPandit’s Outlook for NIFTY Pharma for the week  (Dec 03, 2018 – Dec 07, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 9100 to 9200 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8700 from where the index broke out in the month of June-2018. During the week the index manages to hit a low of 8966 and close the week around the levels of 9276.

Support for the index lies in the zone of 9000 to 9100 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8700 from where the index broke out in the month of June-2018.

Minor resistance for the index lies in the zone of 9400 to 9500. Resistance for the index lies in the zone of 9700 to 9800 where high for the month of November-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where Fibonacci levels are lying.

Broad range for the index is seen from 8900 to 9000 on downside & 9500 to 9600 on upside.