EquityPandit’s Outlook for NIFTY Pharma for the week  (Aug 13, 2018 – Aug 17, 2018) :  

NIFTY PHARMA:

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

As we have mentioned last week, that resistance for the index lies in the zone of 9500 to 9600 from where the index has broken down in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 9950 to 10000 where high for the month of November-2017 and January-2018 are lying. During the week the index manages to hit a high of 9597 and close the week around the levels of 9138.

Support for the index lies in the zone of 9150 to 9200 where Fibonacci levels 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 and medium term moving averages are lying.

Minor resistance for the index lies in the zone of 9300 to 9350. Resistance for the index lies in the zone of 9500 to 9600 from where the index has broken down in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 9950 to 10000 where high for the month of November-2017 and January-2018 are lying.

Broad range for the index is seen from 8900 to 8950 on downside & 9300 to 9350 on upside.