EquityPandit’s Outlook for CNX Pharma for the week (September 14, 2015 – September 18, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on negative note losing more than 1%.

As we have mentioned last week that the index has taken support around the levels of 12500 where short term moving averages and 100 Daily SMA are lying. If the index drifts below the levels of 12500 the index can move to the levels of 12000 where 200 Daily SMA is lying, the index manages to hit a low of 11933 and bounce to the levels of 12325.

The index has broken the channel in which the index was moving since June-2015.

Support for the index lies around the levels of 12000 where 200 Daily SMA is positioned. If the index breaks below this level then the index can drift to the levels of 11200 where trend-line and channel support for the index is lying.

Resistance for the index lies in the zone of 12600 from where the index has broken down the channel support.

Broad range for the index is seen from 11500 to 11800 on downside to 12800 to 13000 on upside.