EquityPandit’s Outlook for NIFTY Pharma for the week  (May 07, 2018 – May 11, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.90%.

As we have mentioned last week, that resistance for the index lies in the zone of 9100 to 9150 where Fibonacci levels and medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9250 to 9300 where Fibonacci levels are lying. During the week the index manages to hit a high of 9111 and close the week around the levels of 8817.

Support for the index lies in the zone of 8650 to 8700 where Fibonacci levels and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8350 to 8400 from where the index has broken out.

Minor resistance for the index lies in the zone of 8850 to 8900. Resistance for the index lies in the zone of 9100 to 9150 where Fibonacci levels and medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9250 to 9300 where Fibonacci levels are lying.

Broad range for the index is seen from 8600 to 8650 on downside & 9100 to 9150 on upside.