EquityPandit’s Outlook for NIFTY FMCG for the week (May 14, 2018 – May 18, 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 28400 to 28500 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 28900 to 29000 where the index has formed a high in the month of July-2017. During the week the index manages to hit a high of 28692 and close the week around the levels of 28476.

Support for the index lies in the zone of 27900 to 28000 from where the index broke out of January-2018 high. If the index manages to close below these levels then the index can drift to the levels of 27100 to 27200 where break out levels and Fibonacci levels are lying.

Resistance for the index lies in the zone of 28400 to 28500 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 28900 to 29000 where the index has formed a high in the month of July-2017.

Broad range for the index in the coming week is seen from 27900 to 28000 on downside & 29000 to 29100 on upside.