EquityPandit’s Outlook for CNX Auto for the week (August 24, 2015 – August 28, 2015):
CNX AUTO index closed the week on negative note losing around 3%.
During the first half of the week the index manage to hold the downward sloping trend-line from where the index has broken out but on 21/08/2015 the index could not hold the trend-line and close below it.
If the index broke below the levels of 8300 the index can move to the levels of 8000 where support for the index is lying.
Support for the index lies in the zone of 8250 to 8300 where trend-line support is positioned.
Resistance for the index lies in the zone of 8500 to 8550, where downward sloping trend-line is positioned above which the index can move to the levels of 8800.
Broad range for the index is seen from 8100 to 8200 on downside to 8600 to 8700 on upside.