EquityPandit’s Outlook for NIFTY Pharma for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 9650 to 9700 where the index has formed a top in the month of September-2017. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900 where 200 daily moving averages are lying. During the week the index manages to hit a high of 9761 and close the week around the levels of 9593.

Minor support for the index lies in the zone of 9500 to 9550. Support for the index lies in the zone of 9350 to 9400 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 9650 to 9700 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900 where 200 daily moving averages are lying.

Broad range for the index is seen from 9300 to 9350 on downside & 9800 to 9850 on upside.