EquityPandit’s Outlook for NIFTY Pharma for the week (February 15, 2016 – February 19, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 5.20%.

As we have mentioned last week that support for the index lies in the zone of 11500 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 11000 to 11200 where channel support for the index is lying in which the index is moving since April – 2015. During the week the index manages to hit a low of 10810 and bounce to close the week around the levels of 11050.

The index has closed around the support zone of 11000 where channel support and 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 10300.

Resistance for the index lies in the zone of 11500 where short term moving averages are lying. If the index manages to close above this levels then the index can move to the levels of 11800 to 12000 where a gap which was created by the index on 09/11/2015 are positioned.

Broad range for the index is seen from 10500 to 10700 on downside to 11500 to 11700 on upside.