EquityPandit’s Outlook for NIFTY Pharma for the week (January 18, 2016 – January 22, 2016):
Nifty PHARMA index closed the week on negative note losing around 1.90%.
As we have mentioned last week that the index has closed just below the support 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. During the week the index manages to hit a low of 11121 and close the week around the levels of 11266.
Support for the index lies in the zone of 11000 to 11200 where trend-line and channel support for the index is positioned. If the index closes below this levels then the index can drift to the levels of 10700 where 500 Daily SMA and 100 Weekly SMA are positioned.
Resistance for the index lies in the zone of 11700 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels 12000 where a gap which was created by the index on 09/11/2015 are positioned.
Broad range for the index is seen from 10800 to 11000 on downside to 11500 to 11700 on upside.