EquityPandit’s Outlook for NIFTY Pharma for the week (January 02, 2017 – January 06, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.10%.

As we have mentioned last week that support for the index lies in the zone of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016. The index has been trading very weak and virtually no support for the index is visible. If the index manages to close below these levels then the index can drift to the levels of 9500. During the week the index manages to hit a low of 9870 and close the week around the levels of 10267.

Support for the index lies in the zone of 9800 to 10000 from where the index has bounced in the month of October-2014 and November-2016. The index has been trading very weak and virtually no support for the index is visible. If the index manages to close below these levels then the index can drift to the levels of 9500.

Resistance for the index lies in the zone of 10350 to 10500 from where the index has broken down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where medium term moving averages are lying.

Broad range for the index is seen from 9800 to 9850 on downside to 10400 to 10500 on upside.