EquityPandit’s Outlook for NIFTY Pharma for the week (March 21, 2016 – March 23, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 5.10%.

As we have mentioned last week that support for the index lies in the zone of 11400 to 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 where channel support and 500 Daily SMA is lying. During the week the index manages to hit a low of 10922 and close the week around the levels of 11096.

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 10500 where weekly trend-line support for the index is lying.

Resistance for the index lies in the zone of 11500 to 11600 where 100 Daily SMA is lying. If the index manages to close above this 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 10800 to 11000 on downside to 11500 to 11600 on upside.