EquityPandit’s Outlook for CNX FMCG for the week (September 28, 2015 – October 02, 2015):

CNX FMCG:

CNX FMCG index closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the index manages hit a low of 18991 and close the week at 19485.

Since the month of March 2015 the index has been moving in the range of 19000 on downside to 21000 on upside. The index has been holding the levels of 19300 on monthly closing basis where 20 Monthly EMA is lying. The index has not broken 20 Monthly EMA since May 2009.

The index has formed a Hammer pattern on weekly charts in a downtrend indicating the trend reversal. Resistance for the index lies in the zone of 19500 to 19600. 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.

Support for the index lies in the zone of 19100 to 19300 where 500 Daily SMA and 100 Weekly SMA are positioned.

Broad range for the index in the coming week is seen from 18750 to 19000 on downside to 20000 to 20250 on upside.