The absorption spectrum of cadmium selenide nanocrystals in a glassy fluorophosphate matrix has been investigated in the vicinity of the fundamental absorption edge 400–650 nm. The revealed oscillations of the absorption have been interpreted as a manifestation of the quantum-well effect for electrons and holes under strong and intermediate confinement conditions. The data obtained have demonstrated that the individual discrete confinement states arise from the band and exciton states of the bulk crystal. The results are in good agreement with those obtained from theoretical consideration of the intermediate confinement model.