EquityPandit’s Outlook for NIFTY FMCG for the week  (May 22, 2017 – May 26, 2017) :  

NIFTY FMCG:

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

As we have mentioned last week that resistance for the index lies in the zone of 23800 to 24000 from where the index has broken down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 24500 to 24600 where Fibonacci extension is lying. During the week the index manages to hit a high of 24922 and close the week around the levels of 24353.

Minor support for the index lies in the zone of 24000 to 24100. Support for the index lies in the zone of 23500 to 23700 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23000 to 23200 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 24500 to 24600 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 24900 to 25000.

Broad range for the index in the coming week is seen from 23300 to 23500 on downside & 24800 to 24900 on upside.