EquityPandit’s Outlook for CNX Pharma for the week (September 07, 2015 – September 11, 2015):
CNX PHARMA index closed the week on negative note losing around 3%.
As we have mentioned last week that if the index manages to close above the levels of 13300 the index can move to the levels of 13700 but the index manages to hit a high of 13251 during the week and sold off to the levels of 12540.
The index has taken support around the levels of 12500 where short term moving averages and 100 Daily SMA are lying. If the index drifts below the levels of 12500 the index can move to the levels of 12000 where 200 Daily SMA is lying.
If the index manages to close above the levels of 13000 where trend-line resistance is positioned then the index can move to the levels of 13500.
Resistance for the index lies in the zone of 13500 to 13750 where trend-line resistance is positioned.
Broad range for the index is seen from 11800 to 12000 on downside to 13000 to 13500 on upside.