EquityPandit’s Outlook for CNX Auto for week (July 20, 2015 – July 24, 2015):
CNX AUTO index closed the week on positive note gaining around 3%.
During the week the index once again tried to take out the resistance zone of 8500 to 8600 where 100 Daily SMA and downward sloping trend-line are positioned.
If the index manages to cross above the levels of 8600 the index can move to the levels of 8800. Tata Motors is the stock which is dragging the index down.
Support for the index lies in the zone of 8250 to 8350 where short term moving averages are positioned.
Broad range for the index is seen from 8300 to 8350 on downside to 8700 to 8750 on upside.