EquityPandit’s Outlook for CNX FMCG for the week (September 21, 2015 – September 25, 2015):
CNX FMCG index closed the week on absolutely flat note.
As we have mentioned last week that 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 and the index manages to hit a high of 19968 on 18/09/2015 and sold off to the levels 19500.
Support for the index lies in the zone of 19300. Below the levels of 19300 the index has the major support around the levels of 18500 to 19000 where 500 Daily SMA and 100 Weekly SMA are positioned.
Resistance for the index lies in the zone of 19700 to 20000 where 50 Daily EMA and 100 Daily SMA are positioned.
Broad range for the index in the coming week is seen from 18500 to 18750 on downside to 20000 to 20250 on upside.