EquityPandit’s Outlook for NIFTY Pharma for the week (March 08, 2016 – March 11, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 3.40%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 11603 and close the week around the levels of 11545.

Support for the index lies in the 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 11400 to 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 11100 to 11200 on downside to 11800 to 12000 on upside.