EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 01, 2018 – Oct 05, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on negative note losing around 2.10%.

As we have mentioned last week, that support for the index lies in the zone of 30000 to 30200 where the index has formed a gap, Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 29500 to 29700 where the index has formed a gap and Fibonacci levels are lying. During the week the index manages to hit a low of 29373 and close the week around the levels of 29758.

Support for the index lies in the zone of 29300 to 29500 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 28400 to 28600 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies around 30000 to 30100. Resistance for the index lies around 30900 to 31100 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 31800 to 32000 from where the index has broken down after consolidation.

Broad range for the index in the coming week is seen from 28500 to 28700 on downside & 30700 to 30900 on upside.