EquityPandit’s Outlook for CNX FMCG for the week (October 05, 2015 – October 09, 2015):
CNX FMCG index closed the week on positive note gaining more than 2.5%.
As we have mentioned last week that the index has formed a Hammer pattern on weekly charts in a downtrend indicating the trend reversal. If the index manages to close above the levels of 19600 then the index can move to the levels of 20000 where 100 and 200 Daily SMA are positioned. The index manages to hit a high of 20185 during the week before closing the week below the levels of 20000.
The index has formed a Hammer pattern on monthly charts in a downtrend indicating the trend reversal.
The index has formed a Shooting Star pattern on daily charts on 01/10/2015 around the resistance zone of 20300. The index has to close above the levels of 20300 where 200 Daily SMA is positioned to negate this pattern. Resistance for the index lies in the zone of 20300 to 20500 above which the index can move to the levels of 21000.
Support for the index lies in the zone of 19300 to 19500 where short term moving averages and long term trend-line support for the index is lying.
Broad range for the index in the coming week is seen from 19000 to 19300 on downside to 20300 to 20500 on upside.