EquityPandit’s Outlook for NIFTY Pharma for the week  (Nov 20, 2017 – Nov 24, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 9345 and close the week around the levels of 9162.

Support for the index lies in the zone of 8900 to 8950 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 8700 to 8750 where the index has taken multiple support in the month of September-2017.

Resistance for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9350 to 9400 where short & medium term moving averages are lying.

Broad range for the index is seen from 8700 to 8750 on downside & 9350 to 9400 on upside.