EquityPandit’s Outlook for CNX FMCG for the week (September 14, 2015 – September 18, 2015):
CNX FMCG index closed the week on negative note losing more than 1%.
As we have mentioned last week that 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 and index hit a low of 19000 during the week and bounce back to the levels of 19400.
If the index manages to close above the levels of 19700 then the index can move to the levels of 20000 where 100 Daily SMA is positioned.
The index has the major support around the levels of 18500 to 19000 where 500 Daily SMA and 100 Weekly SMA are 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.