EquityPandit’s Outlook for NIFTY Pharma for the week (November 23, 2015 – November 27, 2015):

NIFTY PHARMA:

Nifty PHARMA index closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the index manages to hit a low of 11576 and close the week around the levels of 11687.

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.

The index has formed a Doji pattern on weekly charts in a downtrend indicating the exhaustion in selling pressure.

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