EquityPandit’s Outlook for CNX Pharma and its major components for week (June 22, 2015 – June  26, 2015):

CNX Pharma:

CNX PHARMA index closed the week on positive note gaining around 4%.

The index has formed the Bullish engulfing pattern on weekly charts.

The index is approaching towards the strong resistance zone of 12000 to 12200.

As seen from the chart the index is moving towards the downward sloping trend-line lying around the levels of 12000. 50 Daily EMA and 100 Daily SMA are lying around the levels of 12000 and 12200 respectively which will provide stiff resistance to any up-move.

Short term moving averages are lying in the range of 11650 to 11750 which will provide support to the index in any correction.

Broad range for the index is seen from 11500 on downside to 12200 on upside.

Sun Pharma:

SUN PHARMA closed the week on positive note gaining around 4%.

As we have predicted that the stock may take support around the levels of 800 and the stock hit the low of 810 on 15/06/2015 and bounced back.

The stock has formed a bearish engulfing pattern on daily charts suggesting the exhaustion of bullish trend in the stock.

For the coming week if the stock sustains above the levels of 860 we may see stock moving towards the levels of 900 where 200 Daily SMA and downward sloping trend-line are positioned.

Support for the stock lies in the range of 840 where short term moving averages are lying and around 800 where trend-line support lies.

Broad range for the stock in the coming week can be 800 – 810 on lower side to 870 – 880 on upper side.

Lupin:

Lupin closed the week on positive note gaining around 5%.

The stock has formed a Hanging Man pattern in uptrend on Daily chart. Generally the pattern is the reversal pattern in uptrend if on next day the stock corrects and closes below the low of earlier candle. If on 22/06/2015 the stock has to close above the levels of 1825 to negate this pattern and if the stock corrects and closes around or below the levels of 1780 we may see the end of uptrend in the stock.

The stock has formed a Bullish engulfing pattern on Weekly charts.

The stock has the resistance in the zone of 1850 to 1870 where trend-line is lying as seen from the charts.

Support for the stock lies in the range of 1780 where 100 Daily SMA lies and around 1750 where short term moving averages are lying.

The stock will face stiff resistance in the range of 1730 to 1750 where many short term and medium term moving averages are lying.

Broad range for the stock is seen from 1750 – 1780 on downside to 1850 – 1880 on upside.

Dr. Reddy:

Dr. Reddy closed the week on positive note gaining around 2%.

The stock has formed a Shooting Star pattern in the uptrend suggesting the exhaustion of continuing trend in the stock. If the stock opens below the low of Shooting Star pattern candle, then it will suggest the end of the uptrend in the stock.

The stock has to sustain over 3425 to negate the pattern. If the stock manages to close above the levels of 3425 it can move to the levels of 3500.

Support for the stock lies in the zone of 3300 where short term moving averages and 200 Daily SMA is lying.

Broad range for the stock is seen from 3300 – 3350 on downside to 3400 – 3450 on upside.

Cipla:

CIPLA closed the week on positive note gaining around 4%.

As we have suggested last week that the stock should hold the levels of 570 and the stock hit the low of 571 and bounced back.

The stock bounced to the levels of 620 and corrected where we have suggested the resistance are placed for the stock.

If the stock manages to sustain over the levels of 620 we may see stock moving to the levels of 640 to 650 where medium and long term moving averages and trend-line are positioned.

Support for the stock is seen in the range of 590 to 600 where short term moving averages are lying.

Broad range for the stock is seen in the range of 570 – 580 on downside to 620 – 640 on upside.