EquityPandit’s Outlook for NIFTY Pharma for the week (April 04, 2016 – April 08, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.50%.

As we have mentioned last week that minor resistance for the index is lying in the zone of 11300 where short term moving averages are 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. During the week the index manages to hit a high of 11243 and close the week around the levels of 10918.

Support for the index lies in the zone of 10400 to 10500 where weekly trend-line support for the index is lying. If the index manages to close below this levels then the index can witness another round of freefall and next support for the index lies in the zone of 10000.

Resistance for the index lies in the zone of 11000 where 500 Daily SMA and channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11500 to 11600 where 100 Daily SMA is lying.

Broad range for the index is seen from 10400 to 10500 on downside to 11200 to 11300 on upside.