EquityPandit’s Outlook for NIFTY FMCG for the week (Aug 20, 2018 – Aug 24, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.80.

As we have mentioned last week, that the index is trading at life time high so virtually no resistance lies. Resistance for the index lies around 31500 to 31700 where trend-line joining earlier high is lying. If the index manages to close above these levels then the index can move to the levels of 32100 to 32200. During the week the index manages to hit a high of 32383 and close the week around the levels of 32340.

Minor support for the index lies around 31500 to 31700. Support for the index lies in the zone of 31000 to 31200 from where the index broke out of July-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 30200 to 30400 from where the index has opened gap up.

The index is trading at life time high so virtually no resistance lies. Resistance for the index lies around 32500 to 32700. If the index manages to close above these levels then the index can move to the levels of 33000 to 33200.

Broad range for the index in the coming week is seen from 31500 to 31700 on downside & 33200 to 33400 on upside.