EquityPandit’s Outlook for NIFTY FMCG for the week (Feb 18, 2019 – Feb 22, 2019) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 1.50%.

As we have mentioned last week, that resistance for the index lies around 29800 to 30000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 30500 to 30700 where Fibonacci levels are lying. During the week the index manages to hit a high of 29970 and close the week around the levels of 29309.

Support for the index lies in the zone of 28800 to 29000 where low for the month of December-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 28200 to 28400 where Fibonacci levels are lying.

Minor resistance for the index lies around 29500 to 29700. Resistance for the index lies around 29800 to 30000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 30500 to 30700 where Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 28500 to 28700 on downside & 29800 to 30000 on upside.