EquityPandit’s Outlook for NIFTY Pharma for the week  (July 23, 2018 – July 27, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.90%.

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 8725 and close the week around the levels of 8895.

Support for the index lies in the zone of 8850 to 8900 where break out levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8550 from where the index broke out in the month of June-2018.

Resistance for the index lies in the zone of 9080 to 9150 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450 where high for the month of February-2018 and June-2018 is lying.

Broad range for the index is seen from 8600 to 8650 on downside & 9150 to 9200 on upside.