EquityPandit’s Outlook for NIFTY FMCG for the week  (Oct 23, 2017 – Oct 27, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 25400 to 25500 where 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 and medium term moving averages are lying. During the week the index manages to hit a high of 25748 and close the week around the levels of 25580.

Support for the index lies in the zone of 25400 to 25500 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24900 to 25000 from where the index broke out.

Resistance for the index lies in the zone of 25800 to 25900 where the index has formed a top in the month of September-2017 and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26100 to 26200 where Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 24900 to 25000 on downside & 25900 to 26000 on upside.