EquityPandit’s Outlook for CNX FMCG for the week (October 26, 2015 – October 30, 2015):
CNX FMCG index closed the week on positive note gaining around 2.0%.
As we have mentioned last week that support for the index lies in the zone of 20000 to 20200 where 100 & 200 Daily SMA are positioned. If the index closes below the levels of 20000 then the index can drift to the levels of 19300 where long term trend-line support for the index is lying. During the week the index manages to hit a low of 20325 and bounce to close the week around the levels of 20834.
The index has also 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.
Support for the index lies in the zone of 20500 to 20600 from where the index has broken out of the declining trend-line. If the index breaks below this levels on closing basis then the index can drift to the levels of 20300 where 200 Daily SMA is positioned.
Broad range for the index in the coming week is seen from 20300 to 20500 on downside to 21000 to 21300 on upside.