EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 8.00%.

As we have mentioned last week, that support for the index lies in the zone of 9170 to 9230 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where the index has formed a bottom in the month of May-2017. During the week the index manages to hit a low of 8314 and close the week around the levels of 8521.

Support for the index lies in the zone of 8300 to 8350 from where the index broke out of consolidation in the month of June-2014. If the index manages to close below these levels then the index can drift to the levels of 8000 to 8050 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 8600 to 8650 from where the index broke down from the lows of May-2017. If the index manages to close above these levels then the index can move to the levels of 9000 to 9050 from where the index broke down.

Broad range for the index is seen from 8000 to 8050 on downside & 9000 to 9050 on upside.