EquityPandit’s Outlook for NIFTY Pharma for the week (October 17, 2016 – October 21, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on negative note losing around 0.90%.

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. During the week the index manages to hit a low of 11301 and close the week around the levels of 11380.

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.

Resistance for the index lies in the zone of 11600 to 11700 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 11900 to 12000 from where the index has sold off.

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