EquityPandit’s Outlook for NIFTY FMCG for the week (July 04, 2016 – July 08, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 5.90%.

As we have mentioned last week that minor resistance for the index lies in the zone of 21000 to 21100. Resistance for the index lies in the zone of 21300 to 21500 from where the index has sold off in the month of April – 2015. If the index manages to close above these levels then the index can move to the levels of 22000 to 22500 where life time highs for the index is lying. During the week the index manages to hit a high of 22198 and close the week around the levels of 22025.

Resistance for the index lies in the zone of 22600 to 22700 where life time highs for the index is lying. If the index manages to close above these levels then the index can move to the levels of 2300 to 23200.

Support for the index lies in the zone of 21300 to 21400 from where the index has broken out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 21000 where short term moving averages are lying.

Broad range for the index in the coming week is seen from 21300 on downside to 22700 on upside.