EquityPandit’s Outlook for NIFTY Pharma for the week (January 11, 2016 – January 15, 2016):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.10%.

As we have mentioned last week that the index has closed around strong resistance zone of 12000 where short term moving averages and a gap which was created by the index on 09/11/2015 are positioned. If the index close above this levels then the index can move to the levels of 12500 where 100 & 200 Daily SMA are lying. During the week the index manages to hit a high of 11984 and sold off to close the week around the levels of 11486.

The index has closed just below the support zone of 11500. If the index close below this levels then the index can drift to the levels of 11000 to 11200 where trend-line and channel support for the index is positioned.

Resistance for the index lies in the zone of 11850 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.

Broad range for the index is seen from 11100 to 11200 on downside to 11700 to 11800 on upside.