EquityPandit’s Outlook for NIFTY FMCG for the week (July 10, 2017 – July 14, 2017) :
Nifty FMCG index closed the week on positive note gaining around 2.70%.
As we have mentioned last week that the index is in strong uptrend and virtually no resistance is visible. Resistance for the index lies in the zone of 27200 to 27300. During the week the index manages to hit a high of 28267 and close the week around the levels of 27466.
Support for the index lies in the zone of 26800 to 27000 from where the index opened gap up. If the index manages to close below these levels then the index can drift to the levels of 26000 to 26200 from where the index broke out after consolidation.
Minor resistance for the index lies in the zone of 27700 to 27800. Resistance for the index lies in the zone of 28200 to 28300. If the index manages to close above these levels then the index can move to the levels of 28800 to 29000.
Broad range for the index in the coming week is seen from 26500 to 26700 on downside & 28500 to 28700 on upside.