EquityPandit’s Outlook for NIFTY Pharma for the week  (Feb 4, 2019 – Feb 8, 2019) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.90%.

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 8992 and close the week around the levels of 8969.

Minor support for the index lies around 8750 to 8800. Support for the index lies in the zone of 8400 to 8500 where the index has formed a bottom in the month of December-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 9100 to 9200 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen from 8600 to 8700 on downside & 9100 to 9200 on upside.