EquityPandit’s Outlook for NIFTY Pharma for the week  (Dec 24, 2018 – Dec 28, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 8900 to 9000 from where the index has broken down from October-2018 and November-2018 lows. If the index manages to close above these levels then the index can move to the levels of 9200 to 9300 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 8914 and close the week around the levels of 8774.

Support for the index lies in the zone of 8600 to 8700 from where the index broke out in the month of June-2018. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300.

Resistance for the index lies in the zone of 8900 to 9000 from where the index has broken down from October-2018 and November-2018 lows. If the index manages to close above these levels then the index can move to the levels of 9200 to 9300 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen from 8300 to 8400 on downside & 8900 to 9000 on upside.