EquityPandit’s Outlook for CNX Pharma for the week (October 26, 2015 – October 30, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on positive note gaining around 0.5%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 13490 but could not sustain above the levels of 13300.

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.

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.

The index has form a Shooting star pattern on weekly charts. The index has to close above the levels of 13300 to negate this pattern.

Broad range for the index is seen from 12800 to 13000 on downside to 13600 to 13700 on upside.