EquityPandit’s Outlook for CNX Auto for the week (October 19, 2015 – October 23, 2015):

CNX AUTO:

CNX AUTO index closed the week on positive note gaining around 2.7%.

As we have mentioned last week that the index is trading around the strong resistance zone of 8050 from where the index has broken down. If the index manages to close above the levels of 8050 the index can move to the levels of 8200 to 8400 where 100 & 200 Daily SMA and channel resistance for the index are lying. During the week the index manages to hit a high of 8280 and virtually close at the high point of the week.

Support for the index lies in the zone of 8150 to 8200 where 100 Daily SMA and short term moving averages are positioned. If the index breaks below this levels then the index can drift to the levels of 7950 to 8000 where long term trend-line support for the index is positioned.

Resistance for the index is lying in the zone of 8350 to 8400 where 200 DMA and channel resistance for the index is positioned. If the index manages to close above this levels then the index can move to the levels of 8500.

Broad range for the index is seen from 8050 to 8100 on downside to 8350 to 8400 on upside.