EquityPandit’s Outlook for NIFTY Pharma for the week (March 20, 2017 – March 24, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.00%.

As we have mentioned last week that minor support for the index lies in the zone of 10450 to 10500. Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016. During the week the index manages to hit a low of 10469 and close the week around the levels of 10675.

Minor support for the index lies in the zone of 10500 to 10550. Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.

Resistance for the index lies in the zone of 10750 to 10850 where highs for the month of February-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 11000 to 11100 where 200 Daily SMA is lying.

Broad range for the index is seen from 10400 to 10450 on downside & 10900 to 11000 on upside.