EquityPandit’s Outlook for NIFTY FMCG for the week (July 16, 2018 – July 20, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 29500 to 29600. If the index manages to close above these levels then the index can move to the levels of 29800 to 30000. During the week the index manages to hit a high of 30036 and close the week around the levels of 29630.

Minor support for the index lies around 29100 to 29200. Support for the index lies in the zone of 28400 to 28500 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 27900 to 28000 from where the index broke out of January-2018 high and Fibonacci levels are lying.

Resistance for the index lies in the zone of 29600 to 29700. If the index manages to close above these levels then the index can move to the levels of 30000 to 30100.

Broad range for the index in the coming week is seen from 29000 to 29200 on downside & 29900 to 30100 on upside.