EquityPandit’s Outlook for CNX Pharma for the week (October 05, 2015 – October 09, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on positive note gaining around 2%.

As we have mentioned last week that 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. The index manages to hit a high of 13183 during the week and closed almost at the highest point of the week.

Support for the index lies in the zone of 12800 from where the index has broken out. If the index manages to move below the levels of 12800 on closing basis, then the index can drift to the levels of 12200 to 12500 where 100 and 200 Daily SMA are positioned.

Resistance for the index lies in the zone of 13300 from where the index has sold off earlier. If the index manages to close above the levels of 13300 then the index can move to the levels of 13600 where trend-line joining earlier highs is positioned.

Broad range for the index is seen from 12500 to 12600 on downside to 13400 to 13500 on upside.