EquityPandit’s Outlook for NIFTY Pharma for the week  (Nov 13, 2017 – Nov 17, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 5.90%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 9987 and close the week around the levels of 9311.

Support for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8800 to 8900 from where the index has bounced in the month of September-2017.

Resistance for the index lies in the zone of 9350 to 9400 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600 from where the index has sold off.

Broad range for the index is seen from 9000 to 9050 on downside & 9550 to 9600 on upside.