EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 08, 2018 – Oct 12, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 6.30%.

As we have mentioned last week, that minor resistance for the index lies around 30000 to 30100. Resistance for the index lies around 30900 to 31100 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 31800 to 32000 from where the index has broken down after consolidation. During the week the index manages to hit a high of 30030 and close the week around the levels of 27874.

Support for the index lies in the zone of 27700 to 28000 where Fibonacci levels and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 26800 to 27000 from where the index has broken out in the month of April-2018.

Resistance for the index lies around 28600 to 28800 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 29500 to 29700 where low for the month of September-2018 and Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 26500 to 26700 on downside & 28700 to 28900 on upside.