EquityPandit’s Outlook for NIFTY FMCG for the week (January 30, 2017 – February 03, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.70%.

As we have mentioned last week that resistance for the index lies in the zone of 21750 to 21850 from where the index sold off and Fibonacci ratio is lying. If the index manages to close above these levels then the index can move to the levels of 22100 to 22200 from where the index sold off in the month of November-2016. During the week the index manages to hit a high of 22312 and close the week around the levels of 21798.

Minor support for the index lies in the zone of 21300 to 21400 from where the index broke out. Support for the index lies in the zone of 21000 to 21100 where 200 Daily SMA and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 20650 to 20750 from where the index broke out of December-2016 highs.

Resistance for the index lies in the zone of 21750 to 21850 from where the index sold off and Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 22100 to 22300 from where the index sold off in the month of November-2016.

Broad range for the index in the coming week is seen from 21000 to 21100 on downside to 22400 to 22500 on upside.