EquityPandit’s Outlook for CNX Pharma for week (August 03, 2015 – August 07, 2015):
CNX PHARMA index closed the week on positive note gaining around 1%.
As we have suggested last week that the support for the index lies in the zone of 11800 to 12000 where 200 Daily SMA is lying and the index hit a low of 11870 and recovered during the week to close at the high of 12362 levels.
The index has formed a Hammer pattern on weekly charts indicating the trend reversal. The index has formed a Shooting star pattern on monthly charts in an uptrend.
The index has to sustain above the levels of 13200 on closing basis on monthly charts to negate this pattern. If the index closes below the levels of 11800 the index can drift to the levels of 11200.
Support for the index lies in the zone of 11800 to 12000 where 200 Daily SMA is lying.
Resistance for the index lies in the zone of 12500 where 100 Daily SMA is lying. Above the levels of 12500 the index can move to the levels of 12800.
Broad range for the index is seen from 11800 to 12000 on downside to 12800 to 13000 on upside.