EquityPandit’s Outlook for NIFTY Pharma for the week  (May 08, 2017 – May 12, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.80%.

As we have mentioned last week that support for the index lies in the zone of 10000 to 10100 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 9800 to 9900 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 9909 and close the week around the levels of 9935.

Support for the index lies in the zone of 9800 to 9900 from where the index has bounced in the month of October-2014 and November-2016. If the index manages to close below these levels then the index can witness further free fall and virtually no support exit. The index can drift to the levels of 9700.

Minor resistance for the index lies in the zone of 10000 to 10050. Resistance for the index lies in the zone of 10200 to 10250 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of around 10400 to 10450 where short & medium term moving averages are lying.

Broad range for the index is seen from 9700 to 9750 on downside & 10200 to 10250 on upside.