EquityPandit’s Outlook for NIFTY FMCG for the week (February 15, 2016 – February 19, 2016):

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 5.80%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 18183 and close the week around the levels of 18331.

Resistance 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 above this levels then the index can move to the levels of 19400 where 500 Daily SMA is lying.

The index has closed around the support zone of 18200 to 18400 where short term bottom has been placed. If the index manages close below this levels then the index can drift to the levels of 17200 to 17500 where 1000 Daily SMA and 200 Weekly SMA is lying.

Broad range for the index in the coming week is seen from 17500 on downside to 19500 on upside.