EquityPandit’s Outlook for NIFTY FMCG for the week (Dec 17, 2018 – Dec 21, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that support for the index lies in the zone of 29300 to 29500 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 28300 to 28500 where Fibonacci levels are lying. During the week the index manages to hit a low of 28960 and close the week around the levels of 30371.

Minor support for the index lies in the zone of 30000 to 30100. Support for the index lies in the zone of 29300 to 29500 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 28300 to 28500 where Fibonacci levels are lying

Resistance for the index lies around 30700 to 30900 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 29300 to 29700 on downside & 30700 to 30900 on upside.