EquityPandit’s Outlook for CNX FMCG for the week (August 31, 2015 – September 04, 2015):
CNX FMCG index closed the week on negative note losing around 3%.
During the week on back of global sell-off the index corrected to the levels of 19350 where the index took support at the medium term trend-line. This trend-line is holding the index in every correction.
Below the levels of 19350 the index has a very strong support zone of 18700 where 500 Daily SMA and major support trend-line is lying.
If the index moves above the levels of 20300 the index can move to the levels of 20800 and 21500.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 19000 on downside to 21000 on upside.
Broad range for the index in the coming week is seen from 18500 to 19000 on downside to 21000 to 21500 on upside.