EquityPandit’s Outlook for NIFTY Pharma for the week  (Apr 02, 2018 – Apr 06, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 8450 to 8500 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 8700 to 8750 from where the index broke down from February-2018 lows. During the week the index manages to hit a high of 8492 and close the week around the levels of 8358.

Support for the index lies in the zone of 8300 to 8350 where the index has taken support in the month of August-2017. If the index manages to close below these levels then the index can witness a freefall to the levels of 8000 to 8050 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 8450 to 8500 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 8700 to 8750 from where the index broke down from February-2018 lows.

Broad range for the index is seen from 8100 to 8150 on downside & 8500 to 8550 on upside.