EquityPandit’s Outlook for NIFTY Pharma for the week  (May 22, 2017 – May 26, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.30%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10301 and close the week around the levels of 10156.

Minor support for the index lies in the zone of 10000 to 10050. 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.

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 10350 to 10400 where short & medium term moving averages are lying.

Broad range for the index is seen from 9900 to 9950 on downside & 10300 to 10350 on upside.