EquityPandit’s Outlook for NIFTY FMCG for the week (October 24, 2016 – October 28, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.60%.

As we have mentioned last week that 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 21342 and close the week around the levels of 21547.

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 21000 to 21100 on downside to 22000 to 22100 on upside.