EquityPandit’s Outlook for NIFTY FMCG for the week (January 11, 2016 – January 15, 2016):
Nifty FMCG index closed the week on negative note losing around 4.10%.
As we have mentioned last week that the Index has closed just above the strong resistance zone of 20100 to 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. During the week the index manages to hit a high of 20146 and sold off to close the week around the levels of 19344.
Resistance for the index lies in the zone of 19600 to 19700 where 100 Weekly SMA is positioned. If the index manages to close above this levels then the index can move to the levels of 20000 where 100 & 200 Daily SMA are lying.
Support for the index lies in the zone of 19200 where trend-line joining recent lows is positioned. If the index closes below this levels then the index can drift to the levels of 18700 where trend-line joining the lows of October – 2014 and June – 2015 is positioned.
Broad range for the index in the coming week is seen from 18700 on downside to 20000 on upside.