EquityPandit’s Outlook for NIFTY FMCG for the week  (Oct 09, 2017 – Oct 13, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 24600 to 24700 from where the index broke down from August-2017 lows and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 25400 to 25500 where short term moving averages and Fibonacci levels are lying. During the week the index manages to hit a high of 25247 and close the week around the levels of 25131.

Minor support for the index lies in the zone of 24900 to 25000. Support for the index lies in the zone of 24600 to 24700 from where the index broke down from August-2017 lows and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24200 where 200 daily moving averages are lying.

Resistance for the index lies in the zone of 25400 to 25500 where short term moving averages and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 25800 to 25900 where the index has formed a top in the month of September-2017.

Broad range for the index in the coming week is seen from 24500 to 24600 on downside & 25800 to 25900 on upside.