EquityPandit’s Outlook for NIFTY FMCG for the week (July 30, 2018 – Aug 03, 2018) :
Nifty FMCG index closed the week on positive note gaining around 5.00%.
As we have mentioned last week, that resistance for the index lies in the zone of 29600 to 29700 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 30000 to 30100. During the week the index manages to hit a high of 31015 and close the week around the levels of 30749.
Support for the index lies in the zone of 30200 to 30400 from where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of 29300 to 29500 from where the index has opened gap up and short term moving averages are lying.
The index is trading at life time high so virtually no resistance lies. Resistance for the index lies around 31000 to 31200. If the index manages to close above 31200 then the index can move to the levels of 31500 to 31700 where trend-line joining earlier high is lying.
Broad range for the index in the coming week is seen from 29500 to 29700 on downside & 31500 to 31700 on upside.