EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 06, 2018 – Aug 10, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 5.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 9080 to 9150 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450 where high for the month of February-2018 and June-2018 is lying. During the week the index manages to hit a high of 9559 and close the week around the levels of 9501.

Support for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8850 to 8900 where break out levels and medium term moving averages are lying.

Resistance for the index lies in the zone of 9500 to 9600 from where the index has broken down in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 9950 to 10000 where high for the month of November-2017 and January-2018 are lying.

Broad range for the index is seen from 9200 to 9250 on downside & 9700 to 9750 on upside.