EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 08, 2018 – Oct 12, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 9496 and close the week around the levels of 9547.

Support for the index lies in the zone of 9450 to 9500 from where the index broke out of February-2018, June-2018 and July-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 9150 to 9200 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 9850 to 9900 from where the index broke down from September-2018 low and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where Fibonacci levels are lying.

Broad range for the index is seen from 9100 to 9200 on downside & 10000 to 10100 on upside.