NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY FMCG  Index closed the week on negative note losing 90.95 points 0.26%.

Weekly High: 35,125.60

Weekly Low: 34,446.05

Weekly Close: 34,690.55

Weekly Support & Resistance For Nifty FMCG Index:

NIFTY FMCG index opened gap up tracking broader gain at start of the week. However, index faced profit booking as it approaching strong resistance zone. Index ended with muted loss despite strong performance by key indices. We expect index likely to continue this sideways trading activity in coming week.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34300 levels, whereas minor resistance on the upside is capped around 35000-35100 levels.

If NIFTY FMCG index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33800 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 35600.

Currently NIFTY FMCG index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 34000 on downside and 35500 on upside.