EquityPandit’s Outlook for NIFTY FMCG for the week (November 30, 2015 – December 04, 2015):

NIFTY FMCG:

Nifty FMCG index closed the week on absolutely flat note.

As we have mentioned last week that support for the index lies in the zone of 20000 where 100 & 200 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 19500 to 19700. During the week the index manages to hit a low of 20032 and bounce to close the week around the levels of 20450.

Resistance for the index lies in the zone of 21000 from where the index has sold off on previous occasion. If the index manages to close above this levels then the index can move to the levels of 22000.

Support for the index lies in the zone of 20100 to 20200 where 100 & 200 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 19500 to 19700.

The index has formed a Hanging Man candlestick pattern on 27/11/2015 and on weekly charts in an uptrend. The index has to close above the levels of 20470 to negate this pattern.

Broad range for the index in the coming week is seen from 19500 on downside to 21000 on upside.