EquityPandit’s Outlook for NIFTY FMCG for the week (December 14, 2015 – December 18, 2015):
Nifty FMCG index closed the week on negative note losing around 2.35%.
As we have mentioned last week that the index has closed below the strong support zone of 20200. Support for the index lies in the zone of 19300 to 19500 where 500 Daily and 100 Weekly SMA are positioned. During the week the index manages to hit a low of 19415 and close the week around the levels of 19616.
Resistance for the index lies in the zone of 20200 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 20700 where trend-line joining earlier high is positioned.
Support for the index lies in the zone of 19100 to 19300 where long term trend-line, 500 Daily SMA and 100 Weekly SMA are positioned. If the index close below this levels then the index can drift to the levels of 18000 and the index can witness the free fall as no support is visible in near term.
Broad range for the index in the coming week is seen from 18800 on downside to 20400 on upside.