EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 22, 2018 – Oct 26, 2018) :  

NIFTY FMCG:

Nifty FMCG index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies around 28400 to 28600 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 29300 to 29400 where low for the month of September-2018 and Fibonacci levels are lying. During the week the index manages to hit a high of 29059 and close the week around the levels of 28845.

Minor support for the index lies around 28400 to 28500. Support for the index lies in the zone of 27700 to 28000 where Fibonacci levels and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 26800 to 27000 from where the index has broken out in the month of April-2018.

Resistance for the index lies around 29300 to 29500 where low for the month of September-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 29900 to 30000 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index in the coming week is seen from 27800 to 28000 on downside & 29800 to 30000 on upside.