EquityPandit’s Outlook for NIFTY FMCG for the week (July 23, 2018 – July 27, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 1.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 28838 and close the week around the levels of 29281.

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 from where the index broke down after consolidation. 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 28400 to 28600 on downside & 29700 to 29900 on upside.