EquityPandit’s Outlook for NIFTY Pharma for the week (April 18, 2016 – April 22, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that 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 these levels then the index can move to the levels of 11500 to 11600 where 100 Daily SMA is lying. During the week the index manages to hit a high of 11253 and close the week around the levels of 11226.

Support for the index lies in the zone of 11000 where 500 Daily SMA and channel support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10400 to 10500 where weekly trend-line support for the index is lying.

Resistance for the index lies in the zone of 11300 to 11400 where short term moving averages and 100 Daily SMA is lying. If the index manages to close above these 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 10900 on downside to 11500 to 11600 on upside.