EquityPandit’s Outlook for NIFTY Pharma for the week (August 16, 2016 – August 19, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 11770 to 11800. 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. During the week the index manages to hit a high of 11766 and close the week around the levels of 11362.

Support for the index lies in the zone 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 10900 to 11000.

Resistance for the index lies in the zone of 11450 to 11500 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 11770 to 11800.

Broad range for the index is seen from 11000 to 11100 on downside to 11500 to 11600 on upside.