EquityPandit’s Outlook for CNX PHARMA for week (July 13, 2015 – July 17, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on positive note gaining more than 2.0%.

During the week the index managed to close above the strong resistance zone of 12300 where 100 Daily SMA was positioned.

As we have suggested that the index has formed the Shooting Star pattern on Daily chart in an uptrend on 03/07/2015 and the index has to close above the levels 12350 to negate this pattern and index managed to close above the levels of 12350 during the week.

If index manages to close above the levels of 12300 we may see index moving towards the levels of 12750 where trend-line resistance are positioned.

As seen from the charts the index can face resistance around the zone of 12750 were trend-line is positioned.

Support for the index lies in the zone of 12100 to 12300 where short term moving averages and 100 Daily SMA are positioned.

Broad range for the index is seen from 12100 on downside to 12800 on upside.