EquityPandit’s Outlook for NIFTY Pharma for the week  (June 05, 2017 – June 09, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.10%.

As we have mentioned last week that resistance for the index is lying in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450. During the week the index manages to hit a high of 9293 and close the week around the levels of 9255.

Minor support for the index lies in the zone of 9050 to 9150. Support for the index lies in the zone of 8600 to 8650 where the index has formed a short term bottom. The index is in a freefall and no support levels are holding. The index can drift to the levels of 8000 to 8100 where long term Fibonacci levels are lying.

Resistance for the index is lying in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450.

Broad range for the index is seen from 9000 to 9050 on downside & 9400 to 9450 on upside.