EquityPandit’s Outlook for NIFTY FMCG for the week (February 13, 2017 – February 17, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.28%.

As we have mentioned last week that minor resistance for the index lies in the zone of 22800 to 22900. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying. During the week the index manages to hit a high of 23602 and close the week around the levels of 22709.

Minor support for the index lies in the zone of 22300 to 22400 from where the index broke out on intraday basis. Support for the index lies in the zone of 21900 to 22000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 21200 to 21300 where 200 Daily SMA is lying.

Minor resistance for the index lies in the zone of 22800 to 22900. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying.

The index has formed a Shooting Star pattern on weekly basis. Every rise in the index will be sold off.

Broad range for the index in the coming week is seen from 22000 to 22100 on downside to 23300 to 23400 on upside.