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

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 6.0%.

As we have mentioned last week that resistance for the index lies in the zone of 11700 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels 12000 where a gap which was created by the index on 09/11/2015 are positioned. During the week the index manages to hit a 11809 and close around the highest levels.

Support for the index lies in the zone of 11500 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 11000 to 11200 where channel support for the index is lying in which the index is moving since April – 2015.

Resistance for the index lies in the zone of 12000 where a gap which was created by the index on 09/11/2015 are positioned. If the index manages to close above this levels then the index can move to the levels of 12200 where 100 & 200 Daily SMA is lying.

Broad range for the index is seen from 11400 to 11600 on downside to 12000 to 12200 on upside.