EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 01, 2018 – Oct 05, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.70%.

As we have mentioned last week, that minor resistance for the index lies around 10400 to 10500. Resistance for the index lies in the zone of 10700 to 10800 from where the index has broken down in December-2016. If the index manages to close above these levels then the index can move to the levels of 11000 to 11200. During the week the index manages to hit a high of 10440 and close the week around the levels of 9972.

Support for the index lies in the zone of 9900 to 10000 where high for the month of January-2018 and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9450 to 9500 from where the index broke out of February-2018, June-2018 and July-2018 highs.

Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where high for the month of September-2018 is lying.

Broad range for the index is seen from 9600 to 9700 on downside & 10300 to 10400 on upside.