EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 22, 2018 – Oct 26, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 9925 and close the week around the levels of 9650.

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.