EquityPandit’s Outlook for NIFTY Pharma for the week (December 21, 2015 – December 24, 2015):
Nifty PHARMA index closed the week on positive note gaining around 2.40%.
As we have mentioned last week that the index has closed around the support zone of 11600. If the index does not manage to close above the levels of 11600 then the index can drift to the levels of 11000 to 11200 where trend-line and channel support for the index is positioned. During the week the index manages to hit a low of 11202 and bounce to close the week around the levels of 11380.
Support for the index lies in the zone of 11500. If the index close below this levels then the index can drift to the levels of 11000 to 11200 where trend-line and channel support for the index is positioned.
Resistance for the index lies in the zone of 11800 to 112000 where short term moving averages and a gap which was created by the index on 09/11/2015 are positioned. If the index close above this levels then the index can move to the levels of 12500 where 100 & 200 Daily SMA are lying.
Broad range for the index is seen from 11300 to 11400 on downside to 11800 to 12000 on upside.