EquityPandit’s Outlook for NIFTY FMCG for the week (February 29, 2016 – March 04, 2016):

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 1.60%.

As we have mentioned last week that resistance for the index lies in the zone of 18600 to 18700 where trend-line joining lows on 13-10-14 and 15-06-15 is lying. If the index manages to close above this levels then the index can move to the levels of 19400 where 500 Daily SMA is lying. During the week the index manages to hit a high of 18672 and close the week around the levels of 18276.

The index has closed around the strong resistance zone of 18600 to 18700 where trend-line joining lows on 13-10-14 and 15-06-15 is lying. If the index manages to close above this levels then the index can move to the levels of 19400 where 500 Daily SMA is lying.

Minor support for the index lies in the zone of 17800 to 18000 where the index has formed a short term bottom. If the index manages close below this levels then the index can drift to the levels of 17200 to 17500 where 1000 Daily SMA and 200 Weekly SMA is lying.

Broad range for the index in the coming week is seen from 17700 on downside to 19000 on upside.