EquityPandit’s Outlook for NIFTY FMCG for the week  (May 15, 2017 – May 19, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.40%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 23386 and close the week around the levels of 23967.

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 23800 to 24000 from where the index has broken down on intraday basis. 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 23000 to 23100 on downside & 24600 to 24700 on upside.