EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 5.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 9021 and close the week around the levels of 9115.

Support for the index lies in the zone of 9100 to 9200 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8700 from where the index broke out in the month of June-2018.

Minor resistance for the index lies in the zone of 9300 to 9400. 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 8600 to 8700 on downside & 9700 to 9800 on upside.