EquityPandit’s Outlook for NIFTY FMCG for the week (February 08, 2016 – February 12, 2016):

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.70%.

As we have mentioned last week that resistance for the index lies in the zone of 19300 to 19500 where 500 Daily SMA and 100 Weekly SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 19900 to 20000 where 100 & 200 Daily SMA is lying. During the week the index manages to hit a high of 19514 and close the week around the levels of 19461.

The index has closed around the resistance zone of 19300 to 19500 where 500 Daily SMA and 100 Weekly SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 19900 to 20000 where 100 & 200 Daily SMA is lying.

Minor support for the index lies in the zone of 19000 where the index has formed a short term bottom. Support for the index lies in the zone of 18600 to 18700 where trend-line joining lows on 13-10-14 and 15-06-15 is lying. If the index manages to close below this levels then the index can drift to the levels of 18200 to 18400 where short term bottom has been placed.

Broad range for the index in the coming week is seen from 19000 on downside to 20000 on upside.