EquityPandit’s Outlook for NIFTY FMCG for the week (February 06, 2017 – February 10, 2017) :
Nifty FMCG index closed the week on positive note gaining around 3.90%.
As we have mentioned last week that resistance for the index lies in the zone of 21750 to 21850 from where the index sold off and Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 22100 to 22300 from where the index sold off in the month of November-2016. During the week the index manages to hit a high of 22980 and close the week around the levels of 22645.
Minor support for the index lies in the zone of 22250 to 22350 from where the index broke out on intraday basis. Support for the index lies in the zone of 21900 to 22000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 21200 to 21300 where 200 Daily SMA is lying.
Minor resistance for the index lies in the zone of 22800 to 22900. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying.
Broad range for the index in the coming week is seen from 21500 to 21700 on downside to 23200 to 23300 on upside.