EquityPandit’s Outlook for NIFTY Pharma for the week  (Sep 24, 2018 – Sep 28, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.80%.

As we have mentioned last week, that minor support for the index lies around 10300 to 10400. 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. During the week the index manages to hit a low of 9861 and close the week around the levels of 10252.

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.

Minor support for the index lies around 10400 to 10500. Resistance for the index lies in the zone of 10700 to 10800 from where the index has broken down in December-2016. If the index manages to close above these levels then the index can move to the levels of 11000 to 11200.

Broad range for the index is seen from 9800 to 9900 on downside & 10500 to 10600 on upside.