EquityPandit’s Outlook for NIFTY FMCG for the week (May 30, 2016 – June 03, 2016):
Nifty FMCG index closed the week on positive note gaining around 6.10%.
As we have mentioned last week that resistance for the index lies in the zone of 19600 to 19800 where 200 & 500 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 20100 where trend-line joining earlier highs is lying. During the week the index manages to hit a high of 21022 and close the week around the levels of 20907.
Resistance for the index lies in the zone of 21300 to 21500 from where the index has sold off in the month of April – 2015. If the index manages to close above these levels then the index can move to the levels of 22000 to 22500 where life time highs for the index is lying.
Support for the index lies in the zone of 20000 to 20100 from where the index has broken out from the declining trend-line resistance. If the index manages to close below these levels then the index can drift to the levels of 19700 to 19800 where 200 Daily SMA is lying.
Broad range for the index in the coming week is seen from 19800 on downside to 22000 on upside.