EquityPandit’s Outlook for NIFTY Pharma for the week (January 04, 2016 – January 08, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 12091 and close the week around the levels of 11980.

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.

The index has closed around strong resistance zone of 12000 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 11600 to 11700 on downside to 12200 to 12300 on upside.