The Index seems to have formed a very strong base around 11600 levels during recent past. Today it formed a pin bar pattern and couple of Doji Candlesticks formation is also clearly visible on a daily chart. On a weekly chart it has been forming Doji. So the Daily & Weekly chart readings clearly indicate the exhaustion of supply around 11600 levels. Besides other technical indicators too looking tired possible bounce from current levels can't be ruled out in a near term. As long as 11600 is not breached on a closing basis we believe that chances of further fall from here seems limited. So considering the Risk/Reward ratio at current levels traders can bet on select pharma stocks for possible up move up to 11800-11850 levels in a short term.
