EquityPandit’s Outlook for NIFTY FMCG for the week (August 22, 2016 – August 26, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 0.70%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 22587 and close the week around the levels of 22235.

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 22500 on upside.