EquityPandit’s Outlook for CNX Pharma for the week (September 21, 2015 – September 25, 2015):
CNX PHARMA index closed the week on positive note gaining more than 3%.
As we have mentioned last week that the resistance for the index lies in the zone of 12600 from where the index has broken down the channel support and the index manages to move above that channel resistance and close the week around the levels of 12750.
Support for the index lies in the zone of 12600 where short term moving averages are positioned. Below the levels of 12600 the index can drift to the levels of 12300 where 100 Daily SMA is positioned.
Resistance for the index lies in the zone of 12800 to 13000. Above the levels of 13000 the index can move to the levels of 13300.
Broad range for the index is seen from 12300 to 12500 on downside to 13000 to 13300 on upside.