EquityPandit’s Outlook for CNX Pharma for the week (August 31, 2015 – September 04, 2015):
CNX PHARMA index closed the week on negative note losing around 4%.
As we have mentioned last week that the index has formed the bearish pattern on daily charts on 20/08/2015 and 21/08/2015 around the upper end of the channel pattern. So next week we can expect the index to consolidate or correct. If the index broke below the levels of 13100 the index can move to the levels of 12500 where the lower end of the upper moving channel is positioned.
During the week the index has taken support around the lower end of the upper moving channel and 100 Daily SMA positioned around the levels of 12300.
This week if the index manages to close above the levels of 13300 the index can move to the levels of 13700.
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 13750 where trend-line resistance is positioned.
Broad range for the index is seen from 12300 to 12500 on downside to 13500 to 13700 on upside.