EquityPandit’s Outlook for CNX AUTO for week (July 13, 2015 – July 17, 2015):

CNX AUTO:

CNX AUTO index closed the week on negative note losing around 3%.

As we have suggested last week that the index has closed around the strong resistance zone of 8500 where 100 Daily SMA is lying. The index is also approaching towards the channel resistance which is positioned around the levels of 8650.

During the week the index failed to sustain over the levels of strong resistance zone of 8500 and sold off during the week and close the week on lowest point of 8230 levels.

Support for the index is lying in the zone of 8150 to 8200 below which the index can drift to the levels of 7900.

Resistance for the index lies in the zone of 8400 to 8500 where short term and long term moving averages are positioned.

Broad range for the index is seen from 8100 to 8150 on downside to 8400 to 8500 on upside.