EquityPandit’s Outlook for NIFTY FMCG for the week (Nov 12, 2018 – Nov 16, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 0.40%.

As we have mentioned last week, that minor support for the index lies around 28400 to 28500. Support for the index lies in the zone of 27700 to 27800 where 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 and low for the month of October-2018 is lying. During the week the index manages to hit a low of 28396 and close the week around the levels of 28731.

Minor support for the index lies around 28400 to 28500. Support for the index lies in the zone of 27800 to 27900 where Fibonacci 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 and low for the month of October-2018 is lying.

Resistance for the index lies around 29300 to 29500 where low for the month of September-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 29900 to 30000 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index in the coming week is seen from 27800 to 28000 on downside & 29500 to 29700 on upside.