EquityPandit’s Outlook for NIFTY Pharma for the week  (July 10, 2017 – July 14, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 9525 to 9550. Support for the index lies in the zone of 9250 to 9300 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where the index has formed a short term bottom. During the week the index manages to hit a low of 9497 and close the week around the levels of 9724.

Minor support for the index lies in the zone of 9600 to 9650. Support for the index lies in the zone of 9450 to 9500 from where the index broke out after consolidation. If the index manages to close below these levels then the index can drift to the levels of 9250 to 9300 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 9700 to 9750 from where the index broke down from November-2016 lows. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900 from where the index broke down from double bottom pattern.

Broad range for the index is seen from 9500 to 9550 on downside & 9900 to 9950 on upside.