EquityPandit’s Outlook for NIFTY Pharma for the week (June 27, 2016 – July 01, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.90%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10499 and close the week around the levels of 10748.

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 and short term moving averages 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 Weekly SMA are lying.

Broad range for the index is seen from 10400 to 10450 on downside to 11000 to 11100 on upside.