EquityPandit’s Outlook for NIFTY Pharma for the week  (Dec 04, 2017 – Dec 08, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 9350 to 9400 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9600 to 9650 from where the index has broken down. During the week the index manages to hit a high of 9401 and close the week around the levels of 9084.

Support for the index lies in the zone of 8950 to 9000 where the index has formed a double bottom pattern. If the index manages to close below these levels then the index can drift to the levels of 8750 to 8800 where break out levels for the index is lying.

Resistance for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9350 to 9400 where short & medium term moving averages are lying.

Broad range for the index is seen from 8700 to 8750 on downside & 9300 to 9350 on upside.