EquityPandit’s Outlook for NIFTY Pharma for the week  (July 17, 2017 – July 21, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.40%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 9995 and close the week around the levels of 9958.

Minor support for the index lies in the zone of 9870 to 9900. Support for the index lies in the zone of 9770 to 9800 from where the index broke out of June-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9650 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 9950 to 10000 from where the index broke down from double bottom pattern and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10250 to 10350 where Fibonacci level is lying.

Broad range for the index is seen from 9750 to 9800 on downside & 10250 to 10300 on upside.