EquityPandit’s Outlook for CNX Pharma for week (July 20, 2015 – July 24, 2015):
CNX PHARMA index closed the week on positive note gaining around 5%.
The index almost cross all the trend-line resistances on upside and now the index is virtually aiming at the all-time high levels of 14000.
The index has gained around 1900 points from the lows of 11233 made on 12/06/2015.
The index has gained close to 17% in 01 months time frame and the stocks has gained more than 20% to 25% during the same time frame.
Resistance for the index lies in the range of 13300 to 13400 where Fibonacci retracement is lying for the entire down move.
Support for the index lies in the zone of 12500 to 12700 where short term moving averages and trend-line support are positioned.
Broad range for the index is seen from 12500 to 12700 on downside to 13400 to 13600 on upside.