EquityPandit’s Outlook for NIFTY FMCG for the week (November 23, 2015 – November 27, 2015):

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.7%.

As we have mentioned last week that resistance for the index lies in the zone of 20100 to 20300 where 100 & 200 Daily SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 20500. During the week the index manages to hit a high of 20690 and close the week around the levels of 20441.

Resistance for the index lies in the zone of 21000 from where the index has sold off on previous occasion. If the index manages to close above this levels then the index can move to the levels of 22000.

Support for the index lies in the zone of 20000 where 100 & 200 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 19500 to 19700.

On daily charts the index has formed a Bearish engulfing pattern, so the index has to move above the levels of 20690 to negate this pattern.

Broad range for the index in the coming week is seen from 19500 on downside to 21000 on upside.