EquityPandit’s Outlook for CNX Pharma for week (August 10, 2015 – August 14, 2015):
CNX PHARMA index closed the week on positive note gaining more than 2%.
As we have mentioned last week that if the index manages to move above the resistance zone of 12500 the index can move to the levels of 12800 and index hit a high of 12788 and retraced to the levels of 12620.
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 12300 to 12500 where short term moving averages and 100 Daily SMA are lying.
Resistance for the index lies in the zone of 12800 where trend-line resistance is positioned. Above the levels of 12800 the index can move to the levels of 13200.
Broad range for the index is seen from 12000 to 12200 on downside to 12800 to 13000 on upside.