EquityPandit’s Outlook for NIFTY Pharma for the week (June 06, 2016 – June 10, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 3.60%.

As we have mentioned last week that resistance for the index lies in the zone of 11300 to 11400 where 100 Daily SMA and 100 Weekly SMA are 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. During the week the index manages to hit a high of 11318 and close the week around the levels of 10808.

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 these levels then the index can drift to the levels of 10300 from where the index has bounced in the month of Mar – 2016.

Resistance for the index lies in the zone of 11000 where channel resistance for the index is lying. If the index manages to close above these levels then the index can drift to the levels of 11300 to 11400 where 100 Daily SMA and 100 Weekly SMA are lying.

Broad range for the index is seen from 10250 to 10300 on downside to 11000 to 11100 on upside.