EquityPandit’s Outlook for NIFTY Pharma for the week  (Feb 05, 2018 – Feb 09, 2018) :  

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 7.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 9750 to 9850 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10000 to 10050 where the index has formed a top in the month of November-2017. During the week the index manages to hit a high of 9752 and close the week around the levels of 9043.

Support for the index lies in the zone of 8900 to 8950 where the index has taken support in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 8300 to 8400 where the index has taken support in the month of August-2017.

Minor resistance for the index lies in the zone of 9150 to 9200. Resistance for the index lies in the zone of 9400 to 9450 where short, medium and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 9600 to 9650 where break down levels are lying.

Broad range for the index is seen from 8500 to 8550 on downside & 9400 to 9450 on upside.