EquityPandit’s Outlook for CNX FMCG for week (July 13, 2015 – July 17, 2015):
CNX FMCG index closed the week on negative note losing around 1.7%.
As we have been suggesting the index is approaching towards the strong resistance zone of 20300 to 20500 where 100 Daily SMA and downward sloping trend-line are positioned and the index hit the high of 20439 and retraced back to the levels of 19760.
On 10/07/2015 the index has taken support around the rising trend-line positioned around the levels of 10800 and the index closed above the 20 Daily EMA and 50 Daily EMA positioned around the levels of 19850.
Above the levels of 20300 the index can move towards the levels of 21000.
Below the levels of 19800 the index can move to the levels of 19200 to 19500.
Broad range for the index in the coming week is seen from 19500 on downside to 20500 on upside.