EquityPandit’s Outlook for NIFTY FMCG for the week  (April 17, 2017 – April 21, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 23400 to 23500. Resistance for the index lies in the zone of 23750 to 23850 where the index has posted a life time highs. If the index manages to close above these levels then the index can move to the levels of 24350 to 24500. During the week the index manages to hit a high of 23795 and close the week around the levels of 23508.

Minor support for the index lies in the zone of 23250 to 23350. Support for the index lies in the zone of 22900 to 23000 from where the index opened gap up. If the index manages to close below these levels then the index can drift to the levels of 22300 to 22500 where the index has taken multiple support.

Resistance for the index lies in the zone of 23750 to 23850 where the index has posted a life time highs. If the index manages to close above these levels then the index can move to the levels of 24250 to 24350.

Broad range for the index in the coming week is seen from 22500 to 22600 on downside & 24200 to 24300 on upside.