Nifty PHARMA index closed the week on positive note gaining around 2.00%.
As we have mentioned last week that resistance for the index lies in the zone of 10450 to 10550 from where the index has broken down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where Fibonacci level is lying. Above these levels the index can move to the levels of 11000 to 11100 where 200 Daily SMA is lying. During the week the index manages to hit a high of 10646 and close the week around the levels of 10624.
Minor support for the index lies in the zone of 10400 to 10450. Support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016.
Broad range for the index is seen from 10300 to 10350 on downside to 10900 to 11000 on upside.