EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 16, 2017 – Oct 19, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that support for the index lies in the zone of 9350 to 9400 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where Fibonacci levels are lying. During the week the index manages to hit a low of 9385 and close the week around the levels of 9546.

Support for the index lies in the zone of 9350 to 9400 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 9650 to 9700 where the index has formed a top in the month of September-2017. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900 where 200 daily moving averages are lying.

Broad range for the index is seen from 9200 to 9250 on downside & 9800 to 9850 on upside.