EquityPandit’s Outlook for CNX Auto for the week (August 31, 2015 – September 04, 2015):
CNX AUTO index closed the week on negative note losing around 4%.
As we have mentioned last week that the index could not hold the trend-line and close below it. The index sold off to the lower end of the channel positioned around the levels of 7750. At the end of the week the index manages to close above the lower end of the channel.
If the index manages to close above the levels of 8100, the index can move to the levels of 8300 to 8400 where 100 and 200 Daily SMA is lying.
Support for the index lies in the zone of 7700 to 7800 where trend-line and lower end of the channel support is positioned.
Broad range for the index is seen from 7700 to 7800 on downside to 8300 to 8400 on upside.