EquityPandit’s Outlook for CNX Auto for the week (October 26, 2015 – October 30, 2015):

CNX AUTO:

CNX AUTO index closed the week on negative note losing around 0.5%.

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 8370 and retraced to close the week around the levels of 8226.

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.

The index has form a Shooting Star pattern on weekly charts indicating the trend reversal. The index has to close above the strong resistance zone of 8400 to negate this pattern.

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