EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 20, 2018 – Aug 24, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 6.10%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 9094 and close the week around the levels of 9694.

Support for the index lies in the zone of 9450 to 9500 from where the index broke out of February-2018, June-2018 and July-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 9950 to 10000 where high for the month of November-2017 and January-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where long term Fibonacci levels are lying.

Broad range for the index is seen from 9400 to 9500 on downside & 9900 to 10000 on upside.