EquityPandit’s Outlook for NIFTY Pharma for the week  (June 11, 2018 – June 15, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 4.70%.

As we have mentioned last week, that support for the index lies in the zone of 8000 to 8050. If the index manages to close below these levels then the index can witness a major break down and can drift to the levels of 7900 to 7950 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 8019 and close the week around the levels of 8599.

Minor support for the index lies in the zone of 8480 to 8520. Support for the index lies in the zone of 8350 to 8400 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 8000 to 8050 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 8650 to 8700 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850.

Broad range for the index is seen from 8300 to 8350 on downside & 8850 to 8900 on upside.