EquityPandit’s Outlook for NIFTY Pharma for the week  (Jan 21, 2019 – Jan 25, 2019) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 8900 to 9000 from where the index has broken down from October-2018 and November-2018 lows. If the index manages to close above these levels then the index can move to the levels of 9200 to 9300 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 9098 and close the week around the levels of 8648.

Support for the index lies in the zone of 8400 to 8500 where the index has formed a bottom in the month of December-2018. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300.

Minor resistance for the index lies around 8700 to 8750. Resistance for the index lies in the zone of 8900 to 9000 from where the index has broken down from October-2018 and November-2018 lows. If the index manages to close above these levels then the index can move to the levels of 9200 to 9300 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen from 8400 to 8500 on downside & 8800 to 8900 on upside.