EquityPandit’s Outlook for NIFTY Pharma for the week  (July 16, 2018 – July 20, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 9080 to 9130 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8850 to 8900 where break out levels are lying. During the week the index manages to hit a low of 9142 and close the week around the levels of 9164.

Support for the index lies in the zone of 9080 to 9130 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8850 to 8900 where break out levels are lying.

Resistance for the index lies in the zone of 9400 to 9450 where high for the month of February-2018 and June-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600 from where the index has broken down in the month of January-2018.

Broad range for the index is seen from 8900 to 8950 on downside & 9450 to 9500 on upside.