EquityPandit’s Outlook for NIFTY Pharma for the week  (April 03, 2017 – April 07, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.40%.

As we have mentioned last week that minor support for the index lies in the zone of 10500 to 10550. Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016. During the week the index manages to hit a low of 10389 and close the week around the levels of 10411.

Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.

Minor resistance for the index lies in the zone of 10500 to 10550. Resistance for the index lies in the zone of 10620 to 10680 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10750 to 10850 where highs for the month of February-2017 is lying.

Broad range for the index is seen from 10100 to 10150 on downside & 10600 to 10650 on upside.