EquityPandit’s Outlook for NIFTY FMCG for the week (September 26, 2016 – September 30, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 2.00%.

As we have mentioned last week that 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 22904 and close the week around the levels of 22316.

Support for the index lies in the zone of 22100 to 22200 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 21600 to 21700 from where the index has bounced in the month of July – 2016 and August – 2016.

Minor resistance for the index lies in the zone of 22600. 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 21600 to 21700 on downside to 22600 to 22700 on upside.