EquityPandit’s Outlook for CNX FMCG for the week (November 02, 2015 – November 06, 2015):
CNX FMCG index closed the week on negative note losing around 3.4%.
As we have mentioned last week that the index has broken out of the declining trend-line joining highs which was positioned around the levels of 20600. The index can move to the levels of 21000 from where the index has sold off in the month of August – 2015. During the week the index manages to hit a high of 20950 and sold off to close the week around the levels of 20116.
Resistance for the index lies in the zone of 20300 to 20500 where 200 Daily SMA and trend-line resistance are positioned. If the index manages to close above this levels then the index can move to the levels of 21000.
Support for the index lies in the zone of 20000 where 100 Daily SMA is positioned. If the index closes below this levels then the index can drift to the levels of 19350 where long term support for the index is positioned.
Broad range for the index in the coming week is seen from 19000 to 19300 on downside to 20500 to 21000 on upside.