EquityPandit’s Outlook for NIFTY FMCG for the week (August 16, 2016 – August 19, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.10%.

As we have mentioned last week that minor support for the index lies in the zone of 21700 to 21800. Support for the index lies in the zone of 21300 to 21400 from where the index has broken out of the short term top and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 21000 where medium term moving averages are lying. During the week the index manages to hit a low of 21789 and close the week around the levels of 22397.

Minor support for the index lies in the zone of 21700 to 21800. Support for the index lies in the zone of 21300 to 21400 from where the index has broken out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 21000 where medium term moving averages are lying.

Resistance for the index lies in the zone of 22600 to 22700 where life time highs for the index is lying. If the index manages to close above these levels then the index can move to the levels of 23000 to 23200.

Broad range for the index in the coming week is seen from 21800 on downside to 22800 on upside.