EquityPandit’s Outlook for NIFTY Pharma for the week  ( Jan 01, 2018 – Jan 05, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 3.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 9350 to 9400 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600 where long term moving averages are lying. During the week the index manages to hit a high of 9733 and close the week around the levels of 9620.

Support for the index lies in the zone of 9400 to 9500 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 9750 to 9850 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10000 to 10050 where the index has formed a top in the month of November-2017.

Broad range for the index is seen from 9400 to 9450 on downside & 9800 to 9850 on upside.