EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 03, 2017 – Oct 06, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.10%.

As we have mentioned last week, that minor support for the index lies in the zone of 9350 to 9400. 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 8900 to 8950 where break out levels are lying. During the week the index manages to hit a low of 8977 and close the week around the levels of 9173.

Support for the index lies in the zone of 8900 to 8950 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8720 to 8770 where the index has formed a low 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 medium term moving averages are lying.

Broad range for the index is seen from 8750 to 8800 on downside & 9350 to 9400 on upside.