EquityPandit’s Outlook for NIFTY FMCG for the week (Sep 17, 2018 – Sep 21, 2018) :  

NIFTY FMCG:

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

As we have mentioned last week, that support for the index lies in the zone of 31000 to 31200 from where the index broke out of July-2018 highs and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 30000 to 30200 where the index has formed a gap and medium term moving averages are lying. During the week the index manages to hit a low of 29989 and close the week around the levels of 30987.

Support for the index lies in the zone of 30000 to 30300 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.

Resistance for the index lies around 31100 to 31300 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 30000 to 30300 on downside & 32000 to 32200 on upside.