EquityPandit’s Outlook for NIFTY FMCG for the week (June 20, 2016 – June 24, 2016):  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that minor support for the index lies in the zone of 20350. 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. During the week the index manages to hit a low of 20490 and close the week around the levels of 21045.

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.

Minor support for the index lies in the zone of 20350. 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 20200 on downside to 21500 on upside.