EquityPandit’s Outlook for NIFTY Pharma for the week (August 29, 2016 – September 02, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 1.70%.

As we have mentioned last week that support for the index lies in the zone of 11400 to 11450 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300. During the week the index manages to hit a low of 11361 and close the week around the levels of 11395.

The index has closed around the support zone of 11350 to 11400 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 11000 to 11100.

Minor resistance for the index lies in the zone of 11650. Resistance for the index lies in the zone of 11770 to 11800 from where the index has sold off in the month of August – 2016. If the index manages to close above these levels then the index can move to the levels of 12000 where the index has formed a short term top.

Broad range for the index is seen from 11100 to 11200 on downside to 11600 to 11700 on upside.