EquityPandit’s Outlook for NIFTY FMCG for the week (January 25, 2016 – January 29, 2016):
Nifty FMCG index closed the week on negative note losing around 2.80%.
As we have mentioned last week that support for the index lies in the zone of 18700 where trend-line joining the lows of October – 2014 and June – 2015 is positioned. If the index closes below this levels then the index can drift to the levels of 18000. During the week the index manages to hit a low of 18416 and close around the levels of 18555.
Resistance for the index lies in the zone of 18950 where the index has opened gap down on 20/01/2016. If the index manages to close above this levels then the index can move to the levels of 19300 to 19500 where 500 Daily SMA and 100 Weekly SMA are positioned.
Support for the index lies in the zone of 18200 to 18400 where trend-line joining highs of July – 2013 and May – 2014 is positioned. If the index closes below this levels then the index can drift to the levels of 17300 to 17500 where 1000 Daily SMA and 200 Weekly SMA is lying.
Broad range for the index in the coming week is seen from 18000 on downside to 19000 on upside.