FMCG Stocks Outlook
Seen in range unless ITC leads gains in near term
This story was originally published at 20:08 IST on 23 January 2026
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MUMBAI – Analysts continue to hold their weak outlook for shares of fast-moving consumer goods companies as these stocks failed to make a decisive move and break either end of the range in which they are moving. Market participants expect FMCG stocks to remain in a range for 3–4 months unless shares of ITC gain in the near term.
The Nifty FMCG closed 0.6% lower at 51662.05 points, extending losses for the fourth straight week. On a weekly basis, the index clocked 0.9% losses, lower than Nifty 50's 2.5% decline during the same period. The Nifty FMCG index is expected to face resistance at 52400 points and find support at 51200 points.
Shares of ITC closed 0.5% lower at INR 323.40 on the National Stock Exchange. The stock ended lower for the fourth straight week, mirroring the losses in the Nifty FMCG index. The FMCG sector is said to be "dead" right now and a decisive move in the ITC will change the outlook for the sector, an analyst at a domestic brokerage said.
All stocks in the Nifty FMCG ended lower while only three stocks rose Friday. High stock valuations in the sector continued to be a major concern for investors at a time when these companies are expected to see only limited benefit from the lower goods and services tax, according to analysts.
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Following are the resistance and support levels for key FMCG stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| AWL Agri Business | 209.06 | (-)1.60 | 213.10 | 205.90 |
| Britannia Industries | 5835.00 | (-)1.10 | 6021.30 | 5720.30 |
| Colgate Palmolive India | 2166.30 | 2.90 | 2198.00 | 2142.20 |
| Dabur India | 519.00 | 0.90 | 538.40 | 508.20 |
| Emami | 504.45 | (-)0.20 | 518.90 | 491.80 |
| Godrej Consumer Products | 1240.40 | 0.30 | 1264.90 | 1223.30 |
| Hindustan Unilever | 2409.50 | 2.10 | 2464.40 | 2349.40 |
| ITC | 323.40 | (-)1.80 | 327.90 | 320.50 |
| Jyothy Labs | 249.25 | (-)2.10 | 259.40 | 243.00 |
| Marico | 740.95 | (-)2.50 | 759.80 | 729.50 |
| Nestle India | 1293.80 | (-)1.70 | 1320.30 | 1277.10 |
| Procter & Gamble Hygiene and Health Care | 12157.00 | (-)0.70 | 12477.70 | 11939.70 |
| Tata Consumer Products | 1153.50 | (-)3.00 | 1201.80 | 1125.60 |
| Varun Beverages | 474.10 | (-)5.30 | 497.10 | 459.70 |
| Index | Levels | |||
| Nifty FMCG | 51662.05 | (-)0.90 | 52448.00 | 51201.20 |
| Nifty 50 | 25048.65 | (-)2.50 | 25463.30 | 24818.00 |
| S&P BSE Sensex | 81537.70 | (-)2.40 | 82886.40 | 80797.50 |
End
Reported by Simran Rede
Edited by Akul Nishant Akhoury
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