EquityPandit’s Outlook for NIFTY FMCG for the week (March 06, 2017 – March 10, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 0.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 22500 to 22600. Resistance for the index lies in the zone of 22850 to 22950 from where the index broke down on intraday basis. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying. During the week the index manages to hit a high of 22777 and close the week around the levels of 22281.

Minor support for the index lies in the zone of 22300 to 22400 from where the index broke out on intraday basis. Support for the index lies in the zone of 21750 to 21850 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 21400 to 21500 where 200 Daily SMA is lying.

Minor resistance for the index lies in the zone of 22500 to 22600. Resistance for the index lies in the zone of 22850 to 22950 from where the index broke down on intraday basis. 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 21600 on downside and 22800 to 22900 on upside.