EquityPandit’s Outlook for NIFTY FMCG for the week  (May 29, 2017 – June 02, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 4.70%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 25711 and close the week around the levels of 25507.

Minor support for the index lies in the zone of 25200 to 25300. Support for the index lies in the zone of 24600 to 24700 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 23800 to 24000 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 25700 to 25800. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 24500 to 24600 on downside & 26200 to 26300 on upside.