EquityPandit’s Outlook for NIFTY Pharma for the week (December 07, 2015 – December 11, 2015):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.50%.

As we have mentioned last week that Resistance for the index lies in the zone of 11800. If the index closes above this levels then the index can move to the levels of 12000 to 12200 where the index has created the gap on 09/11/2015 on gap down opening. During the week the index manages to hit a high of 11812 and close the week around the levels of 11635.

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.

Resistance for the index lies in the zone of 11800. If the index closes above this levels then the index can move to the levels of 12000 to 12200 where the index has created the gap on 09/11/2015 on gap down opening.

The index has formed a Inverted Hammer pattern on weekly charts in a downtrend indicating the exhaustion in selling pressure.

Broad range for the index is seen from 11200 to 11300 on downside to 11800 to 12000 on upside.