EquityPandit’s Outlook for CNX Pharma for the week (November 09, 2015 – November 13, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on negative note losing around 7.0%.

As we have mentioned last week that support for the index lies in the zone of 13000 from where the index has broken out. If the index manages to move below the levels of 13000 on closing basis, then the index can drift to the levels of 12200 to 12500 where 100 and 200 Daily SMA are positioned. During the week the index manages to hit a low of 12205 and close the week at virtually the lowest point.

The index is very weak and trading below the major long term moving averages. The index has close below the short term upward moving trend-line. If the index does not manage to close above the levels of 12400 then the index can drift to the levels of 11000 where channel support for the index is lying. The index is moving in this channel since the month of April – 2015.

Resistance for the index lies in the zone of 12400 to 12600 where 100 & 200 Daily SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 13000 from where the index has sold off.

Broad range for the index is seen from 11600 to 11800 on downside to 12500 to 12700 on upside.