EquityPandit’s Outlook for NIFTY Pharma for the week (January 09, 2017 – January 13, 2017) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.00%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10560 and close the week around the levels of 10473.

Minor support for the index lies in the zone of 10250 to 10350 where the index has broken out on intraday basis. 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 10450 to 10550 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 10100 to 10200 on downside to 10700 to 10800 on upside.