EquityPandit’s Outlook for CNX FMCG for the week (September 07, 2015 – September 11, 2015):
CNX FMCG index closed the week on negative note losing more than 2.5%.
As we have mentioned last week that if the index moves above the levels of 20300 the index can move to the levels of 20800 and 21500, but the index manages to hit a high of 20277 during the week and sold off to the levels of 19630.
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 manages to close above the levels of 20000 where 100 Daily SMA is positioned the index can move to the levels of 20400 where 200 Daily SMA is positioned.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 18500 on downside to 20500 on upside.
Broad range for the index in the coming week is seen from 18500 to 19000 on downside to 20000 to 20500 on upside.