EquityPandit’s Outlook for NIFTY Pharma for the week (January 30, 2017 – February 03, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.60%.

As we have mentioned last week that resistance for the index lies in the zone of 10450 to 10550 from where the index has broken down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where Fibonacci level is lying. During the week the index manages to hit a high of 10403 and close the week around the levels of 10367.

Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.

Resistance for the index lies in the zone of 10450 to 10550 from where the index has broken down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where Fibonacci level is lying.

Broad range for the index is seen from 10000 to 10050 on downside to 10600 to 10650 on upside.