EquityPandit’s Outlook for NIFTY Pharma for the week  (May 14, 2018 – May 18, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 8882 and close the week around the levels of 8446.

Support for the index lies in the zone of 8250 to 8300 where the index has formed a bottom in the month of March-2018 and August-2017. If the index manages to close below these levels then the index can witness a major break down and can drift to the levels of 8000 to 8050 where long term Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 8550 to 8600. Resistance for the index lies in the zone of 8650 to 8700 where medium term moving averages and break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850 from where the index broke down after consolidation.

Broad range for the index is seen from 8200 to 8250 on downside & 8650 to 8700 on upside.