EquityPandit’s Outlook for NIFTY FMCG for the week (October 17, 2016 – October 21, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 1.00%.

As we have mentioned last week that the index has closed around the medium term moving averages lying at 21500. Support for the index lies in the zone of 21100 to 21300 from where the index has broken out of the top of June – 2016. If the index manages to close below these levels then the index can drift to the levels of 20500 where 200 Daily SMA is lying and trend-line joining lows of March – 2016 and May – 2016 is lying. During the week the index manages to hit a low of 21340 and close the week around the levels of 21423.

Support for the index lies in the zone of 21100 to 21300 from where the index has broken out of the top of June – 2016. If the index manages to close below these levels then the index can drift to the levels of 20500 where 200 Daily SMA is lying and trend-line joining lows of March – 2016 and May – 2016 is lying.

Minor resistance for the index lies in the zone of 21700 to 21900 from where the index has broken down from the lows of July – 2016 and August – 2016. If the index manages to close above these levels then the index can move to the levels 22000 to 22100 where short term moving averages are lying.

Broad range for the index in the coming week is seen from 20800 to 20900 on downside to 22100 to 22300 on upside.