EquityPandit’s Outlook for NIFTY Pharma for the week  (Mar 12, 2018 – Mar 16, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.50%.

As we have mentioned last week, that support for the index lies in the zone of 8900 to 8950 where the index has taken support in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 8700 to 8750 where the index has formed a double bottom in the month of February-2018. During the week the index manages to hit a low of 8491 and close the week around the levels of 8516.

Support for the index lies in the zone of 8300 to 8350 where the index has taken support in the month of August-2017. If the index manages to close below these levels then the index can witness a freefall to the levels of 8000 to 8050 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 8700 to 8750 from where the index broke down from February-2018 lows. If the index manages to close above these levels then the index can move to the levels of 8950 to 9000 where break down levels are lying.

Broad range for the index is seen from 8300 to 8350 on downside & 8700 to 8750 on upside.