EquityPandit’s Outlook for NIFTY FMCG for the week (November 21, 2016 – November 25, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 4.20%.

As we have mentioned last week that support for the index lies in the zone of 20500 where 200 Daily SMA is lying and trend-line joining lows of March – 2016 and May – 2016 is lying. If the index manages to close below these levels then the index can drift to the levels of 20000 to 20200. During the week the index manages to hit a low of 19918 and close the week around the levels of 19960.

Minor support for the index lies in the zone of 19500. Support for the index lies in the zone of 19000 to 19100 where the index has taken support in the month of March-2016 and May-2016. If the index manages to close below these levels then the index can drift to the levels of 18000 from where the index has bounced in the month of February-2016.

Resistance for the index lies in the zone of 20500 to 20700 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 21300 to 21500 where medium term moving averages are lying.

Broad range for the index in the coming week is seen from 19200 to 19300 on downside to 20700 to 20800 on upside.