EquityPandit’s Outlook for CNX Auto for week (July 27, 2015 – July 31, 2015):

CNX AUTO:

CNX AUTO index closed the week on absolutely flat note.

As we have suggested last weeks that the index has been approaching towards the trend-line resistance zone of 8600 and the index has to move above that levels for uptrend to continue. During the week the index hit a high of 8610 and retraced back to the levels of 8474.

On daily chart the index has formed a Evening Star pattern in an uptrend indicating the trend reversal. The index has to sustain over the levels of 8600 to negate this pattern.

The index has formed a doji on weekly charts in an uptrend indicating the confusion among the traders about the further move of the index.

The index has support around the zone of 8400 where 100 Daily and 200 Daily SMA is lying. Below which the index can drift to the levels of 8200.

Resistance for the index lies in the zone of 8550 to 8600 where trend-line resistance is lying.

Broad range for the index is seen from 8300 to 8350 on downside to 8600 to 8650 on upside.