EquityPandit’s Outlook for NIFTY FMCG for the week (September 12, 2016 – September 16, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 0.40%.

As we have mentioned last week that index has closed at the life time highs so virtually no resistance lies. Resistance for the index lies in the zone of 23000 to 23100. If the index manages to close above these levels then the index can move to the levels of 23500. During the week the index manages to hit a high of 23219 and close the week around the levels of 22703.

Support for the index lies in the zone of 22400 to 22500. If the index manages to close below these levels then the index can drift to the levels of 22000 to 22100 where short term moving averages are lying.

Resistance for the index lies in the zone of 23000 to 23100. If the index manages to close above these levels then the index can move to the levels of 23500.

Broad range for the index in the coming week is seen from 22000 on downside to 23200 on upside.