EquityPandit’s Outlook for NIFTY FMCG for the week (Nov 19, 2018 – Nov 23, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.50%.

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 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. During the week the index manages to hit a low of 28405 and close the week around the levels of 29153.

Minor support for the index lies around 28500 to 28700. 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 28000 to 28200 on downside & 29700 to 29900 on upside.