EquityPandit’s Outlook for NIFTY Pharma for the week (September 19, 2016 – September 23, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.80%.

As we have mentioned last week that support for the index lies in the zone of 11650 to 11700 where long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 11300 to 11400 where short term and medium term moving averages are lying. During the week the index manages to hit a low of 11593 and close the week around the levels of 11725.

Support for the index lies in the zone of 11600 to 11700 where long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 11300 to 11400 where short term and medium term moving averages are lying.

Resistance for the index lies in the zone of 12050 to 12100 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 12500.

Broad range for the index is seen from 11400 to 11500 on downside to 12100 to 12200 on upside.