EquityPandit’s Outlook for CNX FMCG for week (August 10, 2015 – August 14, 2015):
CNX FMCG index closed the week on absolutely flat note.
As we have mentioned last week that the index has the significant resistance around the zone of 21100 and the index hit a high of 21150 and retraced back to the levels of 20750 before ending the week around the levels of 20900.
The index has formed a Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the index.
Support for the index lies in the range of 20500 to 20700 where short term moving averages are positioned below which the index can drift to the levels of 20100 to 20300 where 100 Daily SMA and 200 Daily SMA 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.