EquityPandit’s Outlook for NIFTY FMCG for the week (March 21, 2016 – March 23, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.90%.

As we have mentioned last week that the index has closed around the strong resistance zone of 19500 to 19600 where 100 & 500 Daily SMA and channel resistance is lying. If the index manages to close above this levels then the index can move to the levels of 19800 to 20000 where 200 Daily SMA is lying. During the week the index manages to hit a high of 19602 and close the week around the levels of 19518.

The index has closed around the strong resistance zone of 19500 to 19600 where 100 & 500 Daily SMA and channel resistance is lying. If the index manages to close above this levels then the index can move to the levels of 19800 to 20000 where 200 Daily SMA is lying and trend-line joining earlier highs is lying.

Minor support for the index lies in the zone of 18800 to 19000 where the index has formed a short term top. 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 18800 on downside to 20000 on upside.