EquityPandit’s Outlook for NIFTY Pharma for the week (June 18, 2018 – June 22, 2018) :
Nifty PHARMA index closed the week on positive note gaining around 8.30%.
As we have mentioned last week, that resistance for the index lies in the zone of 8650 to 8700 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850. During the week the index manages to hit a high of 9352 and close the week around the levels of 9316.
Support for the index lies in the zone of 9100 to 9150 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8850 to 8900 where break out levels are lying.
Resistance for the index lies in the zone of 9400 to 9450 where high for the month of February-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600 from where the index has broken down in the month of January-2018.
Broad range for the index is seen from 9100 to 9150 on downside & 9550 to 9600 on upside.