EquityPandit’s Outlook for NIFTY Pharma for the week (August 01, 2016 – August 05, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.00%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 11453 and close the week around the levels of 11697.

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.

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.

Broad range for the index is seen from 11300 to 11400 on downside to 11900 to 12000 on upside.