EquityPandit’s Outlook for NIFTY Pharma for the week  (Sep 04, 2017 – Sep 08, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that minor support for the index lies in the zone of 8700 to 8750. Support for the index lies in the zone of 8600 to 8650 from where the index broke out of consolidation. If the index manages to close below these levels then the index can drift to the levels of 8300 to 8350 where the index has formed a short term bottom. During the week the index manages to hit a low of 8841 and close the week around the levels of 9072.

Minor support for the index lies in the zone of 8950 to 9000. Support for the index lies in the zone of 8750 to 8800 from where the index broke out of consolidation. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8550.

Minor resistance for the index lies in the zone of 9100 to 9150. Resistance for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9350 to 9400 where short term moving averages are lying.

Broad range for the index is seen from 8800 to 8850 on downside & 9300 to 9350 on upside.