EquityPandit’s Outlook for NIFTY Pharma for the week  (Mar 05, 2019 – Mar 08, 2019) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that minor support for the index lies around 8600 to 8700. Support for the index lies in the zone of 8400 to 8500 where the index has formed a bottom in the month of December-2018. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300. During the week the index manages to hit a low of 8659 and close the week around the levels of 8973.

Minor support for the index lies around 8700 to 8800. Support for the index lies in the zone of 8500 to 8600 where the index has formed a bottom in the month of January-2019. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300 where low for the month of February-2019 is lying.

Resistance for the index lies in the zone of 9000 to 9100 where high for the month of January-2019 & February-2019 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 9200 to 9300 where Fibonacci levels are lying.

Broad range for the index is seen from 8600 to 8700 on downside & 9200 to 9300 on upside.