EquityPandit’s Outlook for NIFTY FMCG for the week (March 20, 2017 – March 24, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 5.10%.

As we have mentioned last week that minor resistance for the index lies in the zone of 22500 to 22600. Resistance for the index lies in the zone of 22850 to 22950 from where the index broke down on intraday basis. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying. During the week the index manages to hit a high of 23843 and close the week around the levels of 23491.

Minor support for the index lies in the zone of 23200 to 23300. Support for the index lies in the zone of 22900 to 23000 from where the index opened gap up. If the index manages to close below these levels then the index can drift to the levels of 22300 to 22500 where the index has taken multiple support.

Minor resistance for the index lies in the zone of 23600 to 23650. Resistance for the index lies in the zone of 23850 to 23950 where the index has posted a life time highs. If the index manages to close above these levels then the index can move to the levels of 24350 to 24500.

Broad range for the index in the coming week is seen from 22500 to 22600 on downside & 24300 to 24500 on upside.