EquityPandit’s Outlook for NIFTY FMCG for the week (May 02, 2016 – May 06, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 0.60%.

As we have mentioned last week that resistance for the index lies in the zone of 20100 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 20300 to 20500 from where the index has sold off in the month of Jan – 2016. During the week the index manages to hit a high of 20165 and close the week around the levels of 19752.

Resistance for the index lies in the zone of 20100 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 20300 to 20500 from where the index has sold off in the month of Jan – 2016.

Support for the index lies in the zone of 19600 to 19800 where 200 & 500 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 19200 to 19300 where short term moving averages and 100 Daily SMA is lying.

Broad range for the index in the coming week is seen from 19300 on downside to 20100 on upside.