EquityPandit’s Outlook for CNX Auto for the week (October 09, 2015 – October 09, 2015):

CNX AUTO:

CNX AUTO index closed the week on absolutely flat note.

As we have mentioned last week that support for the index lies in the zone of 7650. If the index manages to close below the levels of 7650 then the index can drift to the levels of 7400 where trend-line support for the index is lying. The index manages to hit a low of 7475 during the week before closing the week around the levels of 7737.

Strong resistance for the index lies in the zone of 8050 from where the index broke down. If the index manages to close above the levels of 8050 the index can move to the levels of 8200 to 8300 where 100 and 200 Daily SMA is positioned.

Support for the index lies in the zone of 7600. If the index manages to close below the levels of 7650 then the index can drift to the levels of 7300 where trend-line support and 100 Weekly SMA for the index are lying.

The index has formed a Dragon Fly doji pattern on weekly charts in a downtrend indicating the trend reversal. If the index manages to close above the levels of 7850 then the index can move to the levels of 8050.

Broad range for the index is seen from 7500 to 7550 on downside to 8000 to 8050 on upside.