EquityPandit’s Outlook for CNX Auto for the week (September 21, 2015 – September 25, 2015):

CNX AUTO:

CNX AUTO index closed the week on absolutely flat note.

As we have mentioned last week that the index is approaching towards the strong resistance zone of 8000 to 8050 from where the index broke down. If the index manages to close above the levels of 8050 the index can move to the levels of 8300 where 100 Daily SMA is positioned. The index manages to hit a high of 7939 during the week.

During the week the index was trading in the tight range of 7750 on downside to 7950 on upside.

The index has a strong support around the levels of 7650 where channel support for the index is positioned. If the index drifts below this levels the index can move to the levels of 7400.

Strong resistance for the index lies in the zone of 8000 to 8050 from where the index broke down. If the index manages to close above the levels of 8050 the index can move to the levels of 8300 where 100 Daily SMA is positioned.

Broad range for the index is seen from 7600 to 7650 on downside to 8000 to 8050 on upside.