EquityPandit’s Outlook for NIFTY FMCG for the week  (May 02, 2017 – May 05, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that minor resistance for the index lies in the zone of 23400 to 23500. Resistance for the index lies in the zone of 23750 to 23850 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 24250 to 24350. During the week the index manages to hit a high of 24389 and close the week around the levels of 23675.

Minor support for the index lies in the zone of 23300 to 23500. 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.

Resistance for the index lies in the zone of 23750 to 23850 where highs for the month of March-2017 and April-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 24500 to 24600 where Fibonacci extension is lying.

Broad range for the index in the coming week is seen from 22500 to 22600 on downside & 24500 to 24600 on upside.