EquityPandit’s Outlook for NIFTY FMCG for the week (September 06, 2016 – September 09, 2016) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 22450 to 22500. Resistance for the index lies in the zone of 22600 to 22700 where life time highs for the index is lying. If the index manages to close above these levels then the index can move to the levels of 23000 to 23200. During the week the index manages to hit a high of 22833 and close the week around the levels of 22789.

Minor support for the index lies in the zone of 22580 to 22680. Support for the index lies in the zone of 22400 to 22500. If the index manages to close below these levels then the index can drift to the levels of 22000 to 22100 where short term moving averages are lying.

Index has closed at the life time highs so virtually no resistance lies. Resistance for the index lies in the zone of 23000 to 23100. If the index manages to close above these levels then the index can move to the levels of 23500.

Broad range for the index in the coming week is seen from 22300 on downside to 23100 on upside.