EquityPandit’s Outlook for NIFTY FMCG for the week (Feb 4, 2019 – Feb 8, 2019) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that support for the index lies in the zone of 29800 to 30000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 29400 to 29600 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a low of 29337 and close the week around the levels of 30200.

Support for the index lies in the zone of 29800 to 30000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 29400 to 29600 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies in the zone of 30400 to 30500. 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 29200 to 29400 on downside & 30800 to 31000 on upside.