EquityPandit’s Outlook for NIFTY Pharma for the week (December 14, 2015 – December 18, 2015):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 2.20%.

As we have mentioned last week that the index has closed around the support zone of 11600. If the index does not manage to close above the levels of 11600 then the index can drift to the levels of 11000 to 11200 where trend-line and channel support for the index is positioned. During the week the index manages to hit a low of 11202 and bounce to close the week around the levels of 11380.

Support for the index lies in the zone of 11000 to 11200 where trend-line and channel support for the index is positioned. If the index close below this levels then the index can drift to the levels of 10500 to 10700 where 500 Daily SMA and 100 Weekly SMA are lying.

Resistance for the index lies in the zone of 11500 to 11600 where short term moving averages are positioned. If the index closes above this levels then the index can move to the levels of 12000 where the index has created a gap on 09/11/2015.

Broad range for the index is seen from 11000 to 11100 on downside to 11600 to 11700 on upside.