EquityPandit’s Outlook for NIFTY FMCG for the week  (Oct 16, 2017 – Oct 19, 2017) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 24900 to 25000. Support for the index lies in the zone of 24600 to 24700 from where the index broke down from August-2017 lows and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24200 where 200 daily moving averages are lying. During the week the index manages to hit a low of 25078 and close the week around the levels of 25435.

Minor support for the index lies in the zone of 25300 to 25350. Support for the index lies in the zone of 24900 to 25000 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 24600 to 24700 from where the index broke down from August-2017 lows and Fibonacci levels are lying.

Resistance for the index lies in the zone of 25400 to 25500 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 25800 to 25900 where the index has formed a top in the month of September-2017 and medium term moving averages are lying.

Broad range for the index in the coming week is seen from 24700 to 24800 on downside & 25900 to 26000 on upside.