EquityPandit’s Outlook for NIFTY Pharma for the week  (Sep 03, 2018 – Sep 07, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 10000 to 10100 where high for the month of November-2017 and January-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 10200 to 10300 where long term Fibonacci levels are lying. During the week the index manages to hit a high of 10445 and close the week around the levels of 10391.

Support for the index lies in the zone of 10000 to 10100 where high for the month of November-2017 and January-2018 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.

Resistance for the index lies in the zone of 10300 to 10400 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800.

Broad range for the index is seen from 10000 to 10100 on downside & 10600 to 10700 on upside.