EquityPandit’s Outlook for NIFTY Pharma for the week  (Nov 06, 2017 – Nov 10, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that minor support for the index lies in the zone of 9500 to 9550. Support for the index lies in the zone of 9350 to 9400 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where Fibonacci levels are lying. During the week the index manages to hit a low of 9599 and close the week around the levels of 9897.

Support for the index lies in the zone of 9750 to 9800 where break out levels and 200 daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9650 where break out levels are lying.

Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in the month of July-2017. If the index manages to close above these levels then the index can move to the levels of 10300 to 10350 where long term Fibonacci levels are lying.

Broad range for the index is seen from 9500 to 9550 on downside & 10200 to 10300 on upside.