Published on 20/03/2017 4:16:16 PM | Source: GEPLCapital Ltd
Nifty FMCG holds strong Bullish momentum - GEPL
NIFTY FMCG Current Close: 23491.25 Trend : Positive
* NIFTY FMCG is one of the most outperforming sector amongst all the indices last week. It moved up a good 5.15%, as against an up move of 2.52% in benchmark NIFTY 50.
* In the month of Feb. 2017, the Sector created an All Time High at 23602 and then it corrected till 22080 level which is a 38.2% Fibonacci Retracement of earlier advance from 19457 to the highs of 23602.
* Last week, the Sector has registered a New All Time High @ 23843.90 with the formation of a “Big Bullish Candle” on weekly charts and also the RSI indicator is showing positive strength at 78, signaling that a basic uptrend is once again back in place.
* We have seen the medium term 13 (22114) & 34 (21568) weekly exponential moving averages have been positively aligned since last couple of months; which is an add on cause for current Bullish momentum to sustain.
* The support level is placed at 22850 – 22540 levels whereas the resistance zone is placed at 24000 - 24550.
Positive: ITC, COLPAL, HINDUNILVR, BRITANNIA, MARICO, GODREJCP.
Negative: - UBL, MCDOWELL-N, PGHH.
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