EquityPandit’s Outlook for NIFTY Pharma for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that support for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8900 to 8950 where break out levels are lying. During the week the index manages to hit a low of 9218 and close the week around the levels of 9465.

Minor support for the index lies in the zone of 9350 to 9400. Support for the index lies in the zone of 9200 to 9250 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8900 to 8950 where break out levels are lying.

Resistance for the index lies in the zone of 9550 to 9600. If the index manages to close above these levels then the index can move to the levels of 9900 to 9950 where 200 daily moving averages are lying.

Broad range for the index is seen from 9200 to 9250 on downside & 9650 to 9700 on upside.