EquityPandit’s Outlook for NIFTY Pharma for the week (July 25, 2016 – July 29, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that minor resistance for the index lies in the zone of 11700 to 11750. If the index manages to close above these levels then the index can move to the levels of 12000 to 12100 from where the index has retraced in the month of Dec – 2015. During the week the index manages to hit a high of 12012 and close the week around the levels of 11816.

Support for the index lies in the zone of 11450 to 11500 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 from where the index has formed a short term bottom in the month of June – 2016.

Resistance for the index lies in the zone of 12000 to 12100 from where the index has retraced in the month of Dec – 2015. If the index manages to close above these levels then the index can move to the levels of 12500 to 12600.

Broad range for the index is seen from 11500 to 11600 on downside to 12200 to 12300 on upside.