EquityPandit’s Outlook for NIFTY Pharma for the week  (May 21, 2018 – May 25, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 8598 and close the week around the levels of 8212.

The index has closed below the support zone of 8250 to 8300. 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 8400 to 8450. 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 8000 to 8050 on downside & 8450 to 8500 on upside.