EquityPandit’s Outlook for NIFTY Pharma for the week  (Dec 11, 2017 – Dec 15, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9350 to 9400 where short & medium term moving averages are lying. During the week the index manages to hit a high of 9153 and close the week around the levels of 9098.

Support for the index lies in the zone of 8950 to 9000 where the index has formed a double bottom pattern. If the index manages to close below these levels then the index can drift to the levels of 8750 to 8800 where break out levels for the index is lying.

Resistance for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 9350 to 9400 where short & medium term moving averages are lying.

Broad range for the index is seen from 8800 to 8850 on downside & 9300 to 9350 on upside.