EquityPandit’s Outlook for NIFTY Pharma for the week (September 12, 2016 – September 16, 2016) :

NIFTY PHARMA:

Nifty PHARMA index closed the week on positive note gaining around 2.30%.

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 12043 and close the week around the levels of 11819.

Support for the index lies in the zone of 11650 to 11700 where long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 11300 to 11400 where short term and medium term moving averages are lying.

Resistance for the index lies in the zone of 12050 to 12100 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 12500.

Broad range for the index is seen from 11400 to 11500 on downside to 12100 to 12200 on upside.