EquityPandit’s Outlook for CNX FMCG for week (August 03, 2015 – August 07, 2015):
CNX FMCG index closed the week on gaining more than 3%.
As we have mentioned last week that if the index cross above the levels of 20300 the index can move towards the levels of 21000. The index hit a high of around 20968 during the week.
The index has taken the support around the zone of 20000 to 20100 where 50 Daily EMA, 100 Daily SMA and trend-line support are positioned.
Support for the index lies in the range of 20200 to 20500 where short term and long term moving averages are positioned.
Resistance for the index lies in the zone of 21100. If the index manages to cross above the resistance zone of 21100 the index can move to the levels of 21600.
Broad range for the index in the coming week is seen from 20200 on downside to 21500 on upside.