EquityPandit’s Outlook for NIFTY Pharma for the week (August 22, 2016 – August 26, 2016):

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 11450 to 11500 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 11770 to 11800. During the week the index manages to hit a high of 11626 and close the week around the levels of 11587.

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.

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 11300 to 11400 on downside to 11800 to 11900 on upside.