EquityPandit’s Outlook for NIFTY FMCG for the week (January 02, 2017 – January 06, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 5.90%.

As we have mentioned last week that support for the index lies in the zone of 19500 to 19600 where the index has formed a short term bottom. If the index manages to close below these levels then the index can drift to the levels of 19000 to 19100 where the index has taken support in the month of March-2016 and May-2016. During the week the index manages to hit a low of 19457 and close the week around the levels of 20754.

Minor support for the index lies in the zone of 20400 to 20500. Support for the index lies in the zone of 20000 to 20100 from where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 19500 to 19600 where the index has formed a double bottom pattern.

Resistance for the index lies in the zone of 20800 to 21000 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 21300 to 21500 from where the index has sold off in the month of November-2016.

Broad range for the index in the coming week is seen from 19800 to 20000 on downside to 21300 to 21500 on upside.