EquityPandit’s Outlook for NIFTY Pharma for the week  (Apr 09, 2018 – Apr 13, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 4.90%.

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 8808 and close the week around the levels of 8772.

Support for the index lies in the zone of 8600 to 8650 where Fibonacci levels and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8350 to 8400 from where the index has broken out.

Resistance for the index lies in the zone of 8850 to 8900 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9100 to 9150 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen from 8500 to 8550 on downside & 9000 to 9050 on upside.