EquityPandit’s Outlook for NIFTY FMCG for the week (January 16, 2017 – January 20, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that resistance for the index lies in the zone of 20900 to 21000 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 21300 to 21500 from where the index has sold off in the month of November-2016. During the week the index manages to hit a high of 21297 and close the week around the levels of 21233.

Minor support for the index lies in the zone of 20900 to 21000. Support for the index lies in the zone of 20500 to 20600 where short term moving averages are lying. Support for the index lies in the zone of 20000 to 20100 from where the index has broken out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 19500 to 19600 where the index has formed a double bottom pattern.

Resistance for the index lies in the zone of 21300 to 21400 from where the index has sold off in the month of November-2016. If the index manages to close above these levels then the index can move to the levels of 21800 to 21900 where Fibonacci ratios are lying.

Broad range for the index in the coming week is seen from 20600 to 20700 on downside to 21600 to 21700 on upside.