EquityPandit’s Outlook for NIFTY Pharma for the week (February 27, 2017 – March 03, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.60%.

As we have mentioned last week that resistance for the index lies in the zone of 10700 to 10800 where Fibonacci level is lying. Above these levels the index can move to the levels of 11000 to 11100 where 200 Daily SMA is lying. During the week the index manages to hit a high of 10685 and close the week around the levels of 10562.

Minor support for the index lies in the zone of 10400 to 10450. Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.

Resistance for the index lies in the zone of 10700 to 10800 where Fibonacci level is lying. Above these levels the index can move to the levels of 11000 to 11100 where 200 Daily SMA is lying.

Broad range for the index is seen from 10200 to 10250 on downside and 10800 to 10900 on upside.