EquityPandit’s Outlook for NIFTY FMCG for the week (December 19, 2016 – December 23, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 3.10%.

As we have mentioned last week that resistance for the index lies in the zone of 20600 to 20800 from where the index has broken down from the June-2016 lows and also long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 21000 to 21100 from where the index has broken down from the October-2016 lows. During the week the index manages to hit a high of 20547 and close the week around the levels of 19997.

Minor support for the index lies in the zone of 20000 to 20100. 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.

Minor resistance for the index lies in the zone of 20300 to 20400. Resistance for the index lies in the zone of 20600 to 20800 from where the index has broken down from the June-2016 lows and also long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 21000 to 21100 from where the index has broken down from the October-2016 lows.

Broad range for the index in the coming week is seen from 19100 to 19200 on downside to 20500 to 20600 on upside.