EquityPandit’s Outlook for NIFTY Pharma for the week (November 01, 2016 – November 04, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 0.70%.

As we have mentioned last week that support for the index lies in the zone of 11300 to 11400 where medium term and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 from where the index has bounced in the month of August – 2016. If the index manages to break these levels on closing basis then the index can witness the correction to the levels of 10600 to 10800 from where the index has bounced in the month of June – 2016. During the week the index manages to hit a low of 11413 and close the week around the levels of 11572.

Support for the index lies in the zone of 11300 to 11400 where medium term and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 from where the index has bounced in the month of August – 2016.

Resistance for the index lies in the zone of 11700 to 11800 where the index has formed a top in the month of October – 2016. If the index manages to close above these levels then the index can move to the levels of 11900 to 12000 where the index has formed a triple top pattern.

Broad range for the index is seen from 11200 to 11300 on downside to 11800 to 11900 on upside.