EquityPandit’s Outlook for CNX Auto for the week (November 02, 2015 – November 06, 2015):

CNX AUTO:

CNX AUTO index closed the week on negative note losing around 1.6%.

As we have mentioned last week that the 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. During the week the index manages to hit a high of 8295 and sold off to close the week around the levels of 8093.

Support for the index lies in the zone of 7950 to 8000 where trend-line support for the index is positioned. If the index manages to break this levels on closing basis then the index can drift to the levels of 7600 where channel support for the index is positioned.

Resistance for the index lies in the zone of 8200 to 8250 where 100 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8400 where 200 Daily SMA is positioned.

The index has formed a Evening star pattern on weekly charts in an uptrend indicating the trend reversal.

Broad range for the index is seen from 7950 to 8000 on downside to 8250 to 8300 on upside.