EquityPandit’s Outlook for NIFTY Pharma for the week (September 06, 2016 – September 09, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 1.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 11650. 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. During the week the index manages to hit a high of 11654 and close the week around the levels of 11555.

The index has closed around the support zone of 11350 to 11400 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 11000 to 11100.

Minor resistance for the index lies in the zone of 11650. 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 11200 to 11300 on downside to 11800 to 11900 on upside.