CNXFMCG trade ideas
Nifty Fmcg , nestle india , Hul , dabur !!!!currently bearish , looks weak ahead , can form low higher pattern from here
Currently add some valuable stock in the watchlist for the long term , wait for the reversal then invest. Avoid fresh buying.
Nifty FMCGTraditionally we have always called India a consumer based economy. Even in the time of criss the 1 of 2 sectors which has help up really well is FMCG. Leaders at even at all time highs and consumption as a story hasn't stopped.
Technically on a monthly basis the 50MEMA has always held since 2009. Going below but always closing the month positively. The same can be seen once again.
Lets keep a watch on some of these stocks which could potentially lead the market out of this painful down move.
Bullish as a sector for me.
Possible Next Move This kind of structure represents a very sharp move up in the corrective pattern , One has to be careful because they even end very sharp in nature
One can wait for this move to complete and look for short sell Opportunity in FMCG Scrip Futures
Weekly Out Look - FMCG I am not happy with the structure formation , I am looking more down side movement from the current level
One can look for weak stocks for shorts in Future contracts
CNXFMCG looks positiveFMCG sector has been a laggard for lately, It's slightly negatively correlated with the benchmark Nifty.
It seems to have broken out of the downward channel and could shoot up quickly.
Tata Global, Godrej Consumer Products and Marico are some prominent stocks.
I particularly like Marico for this set up. Posting the Marico one soon.
In addition, if the negative correlation holds up, Nifty may have its upside capped at the very least and more likely some correction in near future.
Long - Continue pattern I am looking this is high likely will form an contracting flat before it makes another move up
The correction on daily seems very slow in nature both on hourly its choppy , there is no panic sale
One can look for position them self after a brief correction for one more move up
FMCG index structure of fmcg gap , support , resistance , parallel channel all been shown in the chart
BRITANNIA
ITC
HUL
COLPAL
DABUR
CHECK ALL OUT
One More Drop before the Turnaround Its moving in sideways pattern , the consolidation phase is in last move
I am looking this could drop one more time before making an turn around
