EquityPandit’s Outlook for NIFTY Pharma for the week (May 23, 2016 – May 27, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.80%.

As we have mentioned last week that resistance for the index lies in the zone of 11300 to 11400 where 100 Daily SMA and 100 Weekly SMA are lying. If the index manages to close above these levels then the index can move to the levels of 11800 to 12000 where 200 Daily SMA is lying. During the week the index manages to hit a high of 11334 and close the week around the levels of 11071.

Support for the index lies in the zone of 11000 where channel support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10400 to 10500 where weekly trend-line support for the index is lying.

Resistance for the index lies in the zone of 11300 to 11400 where 100 Daily SMA and 100 Weekly SMA are lying. If the index manages to close above these levels then the index can move to the levels of 11800 to 12000 where 200 Daily SMA is lying.

Broad range for the index is seen from 10700 to 10800 on downside to 11300 to 11400 on upside.