EquityPandit’s Outlook for NIFTY FMCG for the week (Jan 14, 2019 – Jan 18, 2019) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 30500 to 30600. Resistance for the index lies around 30800 to 31000 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 31600 to 31800 where Fibonacci levels are lying. During the week the index manages to hit a high of 30849 and close the week around the levels of 30759.

Minor support for the index lies in the zone of 30400 to 30500. Support for the index lies in the zone of 30000 to 30100 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 29500 to 29700 where Fibonacci levels and medium term moving averages are lying.

Resistance for the index lies around 30800 to 31000 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 31600 to 31800 where Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 29500 to 29700 on downside & 31300 to 31500 on upside.