EquityPandit’s Outlook for CNX Auto for the week (September 07, 2015 – September 11, 2015):

CNX AUTO:

CNX AUTO index closed the week on negative note losing around 6%.

As we have mentioned last week that if the index manages to close above the levels of 8100, the index can move to the levels of 8300 to 8400 where 100 and 200 Daily SMA is lying but the index manages to hit a high of 8033 during the week and sold off to the levels of 7500.

The index is approaching towards the trend-line support positioned around the levels of 7400. If the index breaks below the levels of 7400 on closing basis the index can drift to the levels of 7000 where 500 Daily SMA is positioned.

The index has broke below the medium term channel in which the index was moving since January 2015. If the index manages to close above the levels of 7700 then the index can move to the levels of 8000 where major trend-line resistance for the index is positioned.

Broad range for the index is seen from 7300 to 7350 on downside to 8000 to 8050 on upside.