EquityPandit’s Outlook for CNX Pharma for the week (September 28, 2015 – October 02, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on positive note gaining around 0.6%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 12482 and bounce to close the week around the levels of 12826.

Resistance for the index lies in the zone of 12800 to 13000. If the index manages close above the levels of 13000 the index can move to the levels of 13300 to 13500.

Support for the index lies in the zone of 12600 where short term moving averages are positioned. If the index manages to move below the levels of 12600 on closing basis, then the index can drift to the levels of 12100 to 12300 where 100 and 200 Daily SMA are positioned.

Broad range for the index is seen from 12400 to 12600 on downside to 13000 to 13300 on upside.