EquityPandit’s Outlook for NIFTY Pharma for the week (November 16, 2015 – November 20, 2015):

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 4.80%.

As we have mentioned last week that the index is very weak and trading below the major long term moving averages. The index has close below the short term upward moving trend-line. If the index does not manage to close above the levels of 12400 then the index can drift to the levels of 11000 where channel support for the index is lying. The index is moving in this channel since the month of April – 2015. During the week the index manages to hit a low of 11600 and close the week around the levels of 11708.

Support for the index lies in the zone of 11600. If the index closes 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 12000 to 12200 where the index has created the gap on 09/11/2015 on gap down opening. If the index close above this levels then the index can move to the levels of 12500 to 12600 where 100 & 200 Daily SMA are positioned.

Broad range for the index is seen from 11200 to 11300 on downside to 12000 to 12200 on upside.