EquityPandit’s Outlook for CNX Auto for the week (September 28, 2015 – October 02, 2015):

CNX AUTO:

CNX AUTO index closed the week on negative note losing around 1.5%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 7611 and bounce to close the week around the levels of 7721.

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 8200 to 8300 where 100 and 200 Daily SMA is positioned.

Support for the index lies in the zone of 7650. If the index manages to close below the levels of 7650 then the index can drift to the levels of 7400 where trend-line support for the index is lying.

The index is taking support around the levels of 7600 where 20 Monthly EMA is lying which the index has broken only once since May 2009. So we expect the index to hold the levels of 7600 on monthly closing basis.

Broad range for the index is seen from 7550 to 7600 on downside to 8000 to 8050 on upside.